Soyabean on NCDEX settled up 1.64% at 3652 on short-covering tracking firmness in overseas prices after prices remained under pressure tracking monsoon revival, good supplies and lower demand for soy meal exports.
As per farm ministry, acreage under soybean is 107 lakh ha so far, down only 3 lakh ha from last year acreage of 109.5 lakh ha.
Soybean futures closed 9 to 10 1/2 cents higher on Turnaround Tuesday. August soybean meal was up $5.70/ton, with soy oil 47 points lower.
The monthly WASDE balance sheet update saw a 20 mbu reduction to the soybean crush estimate for old crop. Besides the smaller production, new crop saw a 100 mbu drop to projected exports at 1.775 bbu, as carryout was still down 40 mbu.
On the world side, WAOB cut 2 MMT from China’s projected imports to 83 MMT for 18/19 and 875 MMT for 19/20.
State by state conditions ratings in IL (-2), MN(-3), IA (-4), and IN (-6) were all lower. Of the major states, NE (+1) and OH (+5) were higher.