USDA: Soybean sales drop 58%

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According to the USDA's Export sales report, soybean net sales of 281,300 MT for the 2011/2012 marketing year were down 58 percent from last week and 56 percent from the 4-week average.

Increases were primarily for China (136,500 MT, including 115,000 MT switched from unknown destinations and decreases of 126,900 MT), Mexico (118,300 MT), Japan (57,000 MT, including 27,000 MT switched from unknown destinations and decreases of 300 MT), Indonesia (36,500 MT), Egypt (27,000 MT), and Cuba (24,000 MT).  Options exercised to export the commodity from other than the United States were for China (60,000 MT).  Exports of 1,027,700 MT were reported primarily to China (825,500 MT), Japan (67,000 MT), Indonesia (33,200 MT), Taiwan (30,100 MT), Canada (21,700 MT), and Mexico (21,200 MT).

Soybean futures closed lower on Thursday. On Friday futures were called 7 to 8 cents higher as they were able to bounce off the losses yesterday on stablized outside markets and some unfavorable soybean crop conditions in southern Brazil and Argentina.

  Sales 281,289 662,668 -381,379
Average 580,744 510,092 0
High 921,632 2,726,720 0
Low 209,702 8 0

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