The January delivery contract of soybean on NCDEX extended its gains from last week tracking bullishness in the entire edible oil basket. The contract was 0.4% higher at 4,224 rupees per 100 kg.
Strength in key soybean contract on CBOT also supported soybean prices back home. In Indore, a key market, soybean prices were flat at 4,050 rupees per 100 kg. Arrivals were at 1,500-2,000 bags (1 bag = 100 kg), largely steady.
Soybean futures finished Monday’s round of trades with gains of as much as 13 1/2 cents. Meal futures were $4 /ton higher. Front month bean oil futures made 57 points on the day.
Traders overestimated the monthly soybean crush, as NOPA revealed 164.909 mbu were crushed through November. Soybean exports in the week ending 12/12 were 1.259 MMT. That is lower than last week, when the export shipments were a revised 1.402 MMT, however bean exports were 27.69% above the week ending 12/13/18.
Accumulated exports were shown at 18.633 MMT, well above last year’s pace. Argentina hiked the export tax on their soybeans to 30%, up 5.3% from the previous level. Brazilian soybean planting has reached 96% complete, which is 2 percentage points behind this time last year.