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 climbed 15 3/4 to 16 1/4 cents in the front months, supported by strength in product values. August soybean meal gained $1.80/ton, with soy oil limit up on the day.
Dryness in the Corn Belt also supported the market. The USDA reported a private export sale of 135,000 MT of soy meal for 2019/20 to the Philippines via the daily reporting system.
This morning’s Export Sales update showed 101,664 MT of old crop bean sales for the week of August 1. This is a 29% decrease from last week and on the lower end of estimates.
New crop sales totaled 318,250 MT in that week, again above the week prior despite China not booking any. The report showed total soy meal export sales at 110,798 MT.
Soy Oil weekly sales were tallied at 40,674 MT. Per China’s General Administration of Customs, China imported 8.64 MMT of soybeans in July, up from 8.0 MMT a year ago and rebounding from a light 6.51 MMT in June.
Brazil soybean production is estimated at 115.072 MMT by CONAB, slightly higher than their previous estimate.