NCDEX soybean hits 6-month low on rains in key states

The July soybean contract of soybean hit a six-month low of 3,530 rupees per 100 kg on NCDEX on expectation that heavy rains in Madhya Pradesh and Maharashtra will lift output.

Madhya Pradesh and Maharashtra are key growers of soybean, the largest grown oilseed in the kharif season.

Madhya Pradesh received 12.2 mm rainfall, 8% above the normal, while Maharashtra received 15.0 mm, 28% above normal.

Soybean futures closed with the front months 3 to 4 cents higher. Nearby July soybean meal was up 40 cents/ton, with soy oil 42 points higher.

After the close, NASS reported that 96% of the intended US soybean acres were planted, with the crop 90% emerged and 10% blooming (32% avg).

Conditions were down 1% to 53% gd/ex, with that dropping the Brugler500 another 3 points to 345. IL most notably took a hit, down 17 points from last week.

The weekly Export Inspections report showed 757,903 MT of soybeans shipped during the July 4th week.

That was a 5.14% jump over the week prior and 13.46% larger than the same time last year. Of that weekly total, 243,419 was headed to China.