The NCDEX Krishi Index, or NKrishi, rose 21.45 points to 3642.77 points due to gains in soybean, guar seed, mustard seed, castor seed, cottonseed oilcake and jeera contracts.
NKrishi is a value-weighted index computed real-time using the near-month prices of 10 most-liquid commodity futures. The components and their weights are rebalanced every quarter.
Soybean futures ended the session with most nearby contracts 7 to 7 1/4 cents lower. July soy meal was down $1.10/ton, with soybean oil 53 points lower.
The 2019 version of MFP payments will include $14.5 billion in direct payments to producers. The rates (released at a later time) will be calculated on a county basis, based off trade damages.
Payments will be tallied by aggregate acres of the affected crops for producers, and not the individual commodity as to “not distort planting decisions.”
It could limit the number of PP acres in order for producers to receive aid, however. The Export Sales report released this morning showed 535,848 MT of old crop soybeans sold during the week of May 16.
That was a 44.5% jump from last week and well above last year for this time. Unknown destinations purchased a total of 255,500 MT. New crop sales totaled just 5,100 MT. Meal sales totaled 300,059 MT, with soy oil at 9,088 MT.