NCDEX Oct soybean rises on crop concern, CBOT cues

Snapping losses in the previous two sessions, the October contract of soybean on NCDEX rose nearly 1% due to crop concern in parts of Madhya Pradesh.

Rainfall at this stage is likely to take a toll on ready-to-harvest soybean crop in the state.

The most-active October contract on NCDEX was at 3,940 rupees per 100 kg, up 0.7% from the last close.

Gains in benchmark soybean contract on CBOT also supported prices on the NCDEX.

However, in key market Indore, soybean was quoted at 4,200 rupees per 100 kg, down 50 rupees from Monday on higher arrivals. Supplies were pegged at 1,500 bags (1 bag = 100 kg) in Indore, up 300 bags from Monday.

Soybeans futures closed the day with 1 to 5 3/4 cent losses in the front months. Soybean meal down $3.80/ton with soy oil 23 points higher. USDA reported a private export sale of 464,000 MT of soybeans to China for 19/20 delivery.

Trade expectations for Thursday’s USDA report are for 0.9-1.4 MMT in soybeans export sales during the week of 9/26. Meal sales are seen at 50,000-350,000 MT, with soy oil at 5,000-40,000 MT.

Data from Tuesday’s NASS Fats and Oils report tallied the 18/19 total soybean crush at 2.091 bbu, 6 mbu larger than the USDA projection in September. Brazil’s trade ministry tallied Sep soybean exports at 4.447 MMT, slightly lower than last year and down from the 5.321 MMT in August.