NCDEX soybean down over 1% on weak spot demand

Soybean futures on NCDEX fell over 1% tracking weak spot cues due to subdued demand from crushing plants.

The most-active June soybean contract was at 3,724 rupees per 100 kg, down 1.2% from the previous close.

In Indore, the oilseed was sold for 3,840-3,850 rupees per 100 kg, down 10-15 rupees.

Soybean futures are, however, seen rising in coming days due to forecast of delayed onset of monsoon this year.

The India Meteorological Department said southwest monsoon rains are likely to hit Kerala on Jun 6. The usual date of monsoon onset on the Kerala coast is Jun 1.

Soybean futures saw weakness into close, with the front months down 17 to 18 1/4 cents. Concerns of corn acres switching to beans pressured the market.

July soybeans were up 1.54% this week, with meal 2.44% higher. July soy meal was down $7.60/ton, with soybean oil 50 points lower.

Commitment of Traders data shows managed money spec funds adding 8,282 contracts to their record net short position of 168,835 contracts in the week ending May 14.

USDA data from Thursday shows total export commitments at 94% of the 18/19 projected total, down from the 98% average.

Export shipments are 69% of that projection, with the average at 87% and last year (which had a robust fourth quarter) at 79%.