Indore soybean prices up as spot buying picks up.

Soybean prices rose today in Indore due to firm demand from crushing units and exporters. Lower arrivals also supported prices.

In Indore, the oilseed was sold for 3,850-3,880 rupees per 100 kg, up 10-15 rupees. Arrivals in Madhya Pradesh, the largest grower, were pegged at 75,000 bags (1 bag = 100 kg), about 15,000 bags down from the previous day.

On NCDEX soybean futures rose on spot cues. The March soybean contract rose 1% to 3,715 rupees per 100 kg.

Soybean futures posted losses of 11 to 12 cents in the front months on Wednesday. Meal futures are $3.80/ton lower in the nearby contract, with soy oil down 22 points.

The market is still looking for that missing 10 MMT of Chinese purchases mentioned by Secretary Sonny. Thursday morning’s Export Sales report for the week of 2/28 is expected to show 0.6-1 MMT in 18/19 soybean sales, with 0-150,000 MT for 19/20.

Actual Census data released this morning indicated that 4.105 MMT (150.86 mbu) of US soybeans were shipped in December.

That was a drop of 19% from Nov and still 34% below last year. Soymeal exports were at 1.082 MMT, a slight bump from Dec 2017. BR-163, the main highway toward the Amazon ports in Brazil is currently closed due to flooding with estimates of 3000-5000 trucks prevented from reaching export ports.