Prices of soybean in the benchmark market of Indore, Madhya Pradesh, were largely unchanged today due to subdued demand from the crushing plants.
Soybean prices, in Indore, were steady at 3,500 rupees per 100 kg and arrivals were also stable at 1,000 bags (1 bag = 100 kg).
A pick up in sowing in soybean and favourable weather conditions in key growing areas may weigh on the prices in coming days.
Soybean futures posted 8 to 9 cent gains in the front months, as Sep was up 2.72% on the week. August soybean meal was up $1.90/ton, with soy oil 55 points higher.
The leader there was bean oil, rising 4.45% since last Friday. Money managers added another 19,241 contracts to their net short position in soybean futures and options by August 6.
That took the net position to the largest since early June at -72,813 contracts. As of August 1, US total soybean export commitments are a robust 106 % of the USDA projected total, with the 5-year average at 104%.
Accumulated exports from the Export Sales report are 91% of USDA’s current projection vs. the normal 95% pace.
Trade estimates for Monday’s WASDE report on average have world old crop ending stocks for soybeans at 112.98 MMT and new crop at 104.53 MMT.