USDA: Soybeans net sales up 54 percent from last week

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According to the USDA's latest U.S. Export Sales report, soybeans net sales of 433,900 MT for the 2011/2012 marketing year were up 54 percent from the previous week, but down 16 percent from the prior 4-week average.  Increases were primarily for China (257,100 MT, including 56,500 MT switched from unknown destinations and decreases of 11,400 MT), Mexico (64,500 MT), unknown destinations (56,000 MT), Japan (24,300 MT, including 9,000 MT switched from unknown destinations and decreases of 2,900 MT), Taiwan (13,200 MT), and Indonesia (10,300 MT).  

Exports of 786,900 MT were reported primarily to China (526,900 MT), Mexico (104,900 MT), Tunisia (32,200 MT), Taiwan (31,800 MT), Turkey (30,900 MT), and Japan (24,400 MT).

Soybean closed strongly lower on Wednesday as the soybeans market was pressured by rainfall in Argentina and outside markets. On Friday futures opened 20 to 30 cents lower as the USDA tweaked the 2011 crop to 3.056 billion bushels, up 10 million from last month.

  Sales 433,860 281,289 152,571
Average 603,160 515,023 433,860
High 921,632 2,726,720 433,860
Low 281,289 8 433,860

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