India soybean area down 68% YoY at 274,000 ha

Farmers in the country have sown soybean across 274,000 ha as of Thursday, down 68% from the year-ago period, according to the farm ministry data.

A lag in sowing in key growing areas was due to delayed onset of monsoon and slow progress in Maharashtra and Madhya Pradesh, the top growers, agricultural scientists said.

No sowing has been reported in Madhya Pradesh and Maharashtra as of Thursday while sowing in Rajasthan jumped over six folds to 186,000 ha, the farm ministry data showed.

Soybean futures settled with losses of 14 to 15 cents in the front months. Soybean meal was down $8.30 /ton, with soy oil 26 points lower. In the week of 6/27 US exporters shipped 719,299 MT of soybeans, with 396,689 MT headed to China. That was a slip of just 1.7% from last week and 15.39% lower yr/yr.

The Crop Progress report from NASS showed that 92% of the crop was planted (99% avg) as of Sunday, with 83% emerged (95% avg). Conditions of the crop were UNCH at 54% gd/ex, with the Brugler500 down 1 to 348. The monthly Fats & Oils report showed 165.25 mbu of soybeans were crushed in May, slightly above the average trade estimate.

That was down 3.67% from the month prior and 4.18% lower than May 2018. Total soy oil stocks were at 2.018 billion lbs. Brazil soybean exports in June totaled 9.066 MMT, which was down 16.4% from May and 13% lower yr/yr.