NCDEX July soybean contract was down 0.3%

Soybean futures on the National Commodity and Derivatives Exchange traded lower tracking key contracts on the Chicago Board of Trade.

Refined soyoil contracts on NCDEX and crude palm oil futures on the Multi Commodity Exchange of India rose on upbeat demand in physical markets over easing lockdown.

Weakness in bellwether crude palm oil contracts on the Bursa Malaysia Derivatives, however, limited any sharp rise on MCX, analysts said. Crude palm oil settled lower on BMD today due to profit booking after a sharp rise in prices recently.



Soybeans rallied back from midday lows, but still finished 1 to 3 cents lower on the day. Nov beans closed at $8.68 1/4. Soybean meal futures closed with $0.40 to $1.20 losses. Bean oil futures closed 11 points lower for the fourth consecutive down day. Export Sales data from the week ending June 18 showed 601,857 MT of old crop beans sold. That was in-line with pre-report expectations and 257% above the same week last MY. New crop sales were also in-line with estimates at 560,745 MT. Of the week’s sales, China booked 565,517 MT (49% of the total) with 172.5k old crop and 393k 2020/21 beans. Soymeal sales were a MY low of 70,153 MT. Accumulated soymeal shipments were reported at 8.778 MMT after 297,165 MT were shipped on the week. MYTD soymeal exports are 0.8% above 18/19’s pace. Bean oil bookings were 20,527 MT, which was 7% above sales from the same week last year. The week’s bean oil shipments were 52,210 MT bringing the MYTD total to 952,673 MT, which is 50.7% more than last year. The average trade estimate ahead of the June 30th planted acreage report is to see a 1.32 million acre bump to new crop bean plantings relative to March intentions. If the 84.83 million acres are realized that would be an 11.5% recovery from 19/20’s flood suppressed acreage.