Indore soybean price unchanged at 38,000 rupees ton.
Soybean prices reported strong in Nagpur (APMC) on increased demand from local crushing plants. Good recovery in Madhya Pradesh soybean prices and reported demand from South-based plants also boosted prices here. About 500 new soybean bags reported for auction in Nagpur.
Soymeal prices quoted static here, but demand was poor.
Soybean oil opened on weak note in Vidarbha region of Western Maharashtra on stockists selling looking towards month ending, driven by higher imports amid weak global cues. Fall in demand from millers and retailers also put pressure on soybean oil. Besides, enough stocks, fresh fall on NCDEX and easy condition in Madhya Pradesh soybean oil also affected sentiment in thin trading activity.
Soybean futures lost 5 to 6 cents in the nearby on Friday in a week that saw May down 3.04%. Meal futures were down $6.10/ton to add pressure late in the session, with May soy oil 12 points lower.
CFTC’s weekly Commitment of Traders update showed managed money extending their net short position in soybean futures and options to a record reported 129,566 contracts as of Tuesday.
US soybean export commitments lag a year ago by 17.5%, as of the most recent Export Sales report. Unshipped sales lead the way, up 13.6% from the same time in 2018, with shipments down 25.9%. The Commitments are now 88% of USDA’s projected 1.875 bbu total, with the 5-year average at 96%.