Futures contracts of all components of edible oil basket edged higher on the domestic exchanges.
Soybean contracts on the National Commodity & Derivatives Exchange rose due to pick up in demand from crushing plants amid lower arrivals in spot markets.
In Indore, the oilseed was sold for 3,820-3,830 rupees per 100 kg, up 10 rupees from previous day. Arrivals were pegged at 42,000 bags (1 bag = 100 kg) today, down from 45,000 bags on previous day, in Madhya Pradesh.
Soybean futures ended the Turnaround session with the front months fractionally higher and most 2020 contracts slightly lower.
Meal futures were down $3.40/ton with May soy oil down 3 points. Monday afternoon’s Crop Progress report showed that MN and SD have yet to report any progress, with NE actually ahead of normal at 14%.
Old crop ending stocks are estimated to be up 25 mbu in Friday’s USDA monthly report to 920 mbu. USDA’s initial 19/20 carryout projection is pegged at 910 mbu according to a Reuters poll of analysts.
Canadian canola stocks at the end of March were 10.019 MMT according to this morning’s Stats Canada report. That was a 10.5% jump from last year. Soybean stock piles were up 4.3% at 2.913 MMT.