US Soya Complex Down On Sluggish Export Demand

The soybean market closed sharply lower on Thursday. March soybeans lost 18 cents to close at $14.33. March soybean meal fell $6.10 to close at $382.50. March soybean oil gave back 70 points to close at 59.04 cents per pound. New-crop November soybeans closed down 11 1/2 cents at $13.85 1/2.

USDA did release its weekly export sales report. In its report out on Thursday , sales totaled less than one million bushels. It was the slowest week of the crop year. It was substantially less than the five-year average at 19 million. The data included a negative impact from China cancelling about 10 million bushels of old-crop beans. At the same time, China was credited with buying 35 million bushels of 2011 crop soybeans.

The dollar index was sharply higher last night . That was also bearish.

(Source: http://www.indiainfoline.com/Markets/News/US-Soya-Complex-Down-On-Sluggish-Export-Demand/3546763066)