NCDEX Nov soybean hits 2-week high on fresh buying

The November contract of soybean hit a two-week high of 3,769 rupees per 100 kg on the NCDEX due to fresh buying by millers on the back of a rise in meal demand.

A rise in the price of soymeal during the past few days supported soybean contracts.

In Indore, the benchmark market, soybean prices rose to 3,800 rupees per 100 kg from 3,650 rupees. Arrivals were pegged at 5,000 bags (1 bag = 100 kg), down 3,000 bags from Wednesday.

Soybeans futures saw 2 1/2 to 3 1/2 cent increases on Thursday. Soybean meal finished $2.00/ton higher, while soy oil remained fairly steady dropping 1 point.

Weekly Export Sales data will be pushed back until Friday due to Monday’s Holiday. Cargill announced a 225 million dollar expansion in Sidney Ohio, with the investment in soybean crush and soy oil refineries for the plant.

Trade estimates, ahead of tomorrow’s delayed release of USDA export sales report, range 900k-1.06 MMT for beans; a substantial decrease from last week’s sales of 2.092 MMT.

Traders are also anticipating the report to show up to 400,000 MT (150k-400k) for soy meal, last week export sales were 364,722 MT. Soy oil is expected to see 0-25,000 MT of export sales this afternoon, as compared to the 1,150 MT of export sales last week