USDA: Soybean export sales plunge

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The USDA latest U.S. Export Sales report showed soybean net sales of 466,300 MT for the 2011/2012 marketing year were down 53 percent from the previous week and 21 percent from the prior 4-week average.  

Increases were primarily for China (360,900 MT, including 115,000 MT switched from unknown destinations and decreases of 75,700 MT), Mexico (143,500 MT), Egypt (60,000 MT), Turkey (41,300 MT, including 40,000 MT switched from unknown destinations), Costa Rica (30,100 MT), and Spain (30,000 MT).  Decreases were reported for unknown destinations (258,000 MT) and Japan (8,500 MT).  

Net sales of 126,000 MT for delivery in 2012/2013 marketing year were reported for China (120,000 MT) and Japan (6,000 MT).  Exports of 1,184,500 MT were reported primarily to China (890,600 MT, including late reporting of 127,200 MT), Mexico (121,100 MT), Turkey (41,300 MT), Japan (40,500 MT), Tunisia (32,200 MT), and Taiwan (29,600 MT).

Soybean futures closed lower on Wednesday as the market was pressured by recent rainfall in South America that is improving soybean crop prospects. On Thursday soybean futures were called 10 to 11 cents high.

  Sales 466,254 991,071 -524,817
Average 613,877 561,025 630,395
High 991,071 2,726,720 991,071
Low 281,289 8 433,860

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