The May soybean contract on NCDEX hit a one-month low of 3,648 rupees per 100 kg today, taking cues from spot markets where prices fell due to subdued demand from crushing plants.
At 1300 IST, the contract was at 3,653 rupees per 100 kg. In Indore, the oilseed was sold for 3,830-3,840 rupees per 100 kg, down 15-20 rupees from Wednesday.
Arrivals in Madhya Pradesh, the largest grower, were pegged steady at 45,000 bags (1 bag = 100 kg).
Soybean prices are likely to remain weak in the coming days as the government has claimed to have more-than-sufficient quantity of certified soybean seed for sowing in 2019-20 (Jul-Jun).
Soybean futures saw 8 to 9 cent losses in the front months. Meal futures were down $3.60/ton with May soy oil 15 points lower.
This morning’s Export Sales report showed 313,435 MT in all old crop soybean export sales during the week of 4/25. That was 47.4% below last week, with 136,386 MT sold to China (switched from unknown).
Total reductions for unknown destinations were 242,100 MT. New crop sales were just 23,494 MT. Meal bookings totaled just 95,748 MT, with soy oil at 7,278 MT.
Brazil soybean exports in April totaled 10.053 MMT according to Trade Ministry data, up 1 MMT from March but slightly lower yr/yr.
BAGE estimates that Argentina’s soybean crop is 59.3% harvested, compared to the 53.9% average.