Soybean futures rose over 1% on National Commodity and Derivatives Exchange due to firm demand for the commodity in spot markets and a weaker rupee against the dollar.
Expectation of losses in soybean crop due to heavy rains and recent floods in Madhya Pradesh, the top producer, also supported soybean prices, Pandey said, adding that quality of fresh soybean this year is expected to be below par.
The most-active October contract on NCDEX ended at 3,766 rupees per 100 kg, up 1.4% from the last close.
In Indore, the benchmark market, soybean was quoted at 3,950-4,000 rupees per 100 kg, up 250 rupees from Wednesday. Arrivals more than doubled from Wednesday as farmers were emptying their inventories ahead of the new crop, an Indore-based trader said.
Refined soyoil futures on NCDEX were marginally down today tracking soyoil prices on benchmark Chicago Board of Trade, Edelweiss Agri Value Chain research analyst Sudha Acharya said. At 1830 IST, the most-active October refined soyoil contract on NCDEX was at 767.40 rupees per 10 kg, down 0.1% from the last close.
Soybeans futures closed the Thursday session with most contracts 2 to 4 1/4 cents higher. Soybean meal was up 60 cents/ton, with soy oil 6 points lower.
Chinese trade negotiators were in DC on Thursday to lay groundwork for the higher-level talks in October. This morning’s Export Sales report showed 19/20 bookings of 1.728 MMT (63.48 million bushels) in the week that ended on 9/12, beating out the top end of estimates of 1.1 MMT.
Of that total, China was nominated for 593,221 MT, with another 427,400 MT labeled unknown destinations. USDA indicated 435,800 MT for bean meal sales, with soy oil totaling 20,600 MT.