Soybean prices rose by Rs 10 to Rs 3,700 per quintal in futures trade on Tuesday as traders created fresh positions supported by a strong spot demand.
On the National Commodity and Derivatives Exchange, soybean for delivery in October was up by Rs 10, or 0.27 per cent, at Rs 3,700 per quintal in 9,560 lots.
Soybean for delivery in November rose by Rs 15, or 0.41 per cent, to Rs 3,643 per quintal in 79,690 lots.
Market players said raising of fresh positions by speculators on the back of high demand mainly led to rise in soybean prices here.
Soybeans futures saw 5 to 6 1/2 cent losses in the front months on Turnaround Tuesday. Soybean meal was down $3.10/ton, while soy oil led the way higher, up 39 points. USDA reported a private export sale to unknown destinations for 19/20 delivery of 142,579 MT of soybeans.
As of Sunday, the USDA Crop Progress report showed 85% of the US soybean crop had leaves dropping, lagging the 93% average. Harvest was pegged at 26% complete, which is 23% below normal. NASS indicated condition ratings up a surprising 1% to 54% gd/ex, with the Brugler500 index up 3 points to 345 on a collective 1% shift from poor to excellent.
Conditions in ND fell 13 points, with MN and WI down 5. A total of 954,881 MT of soybeans were reported in this morning’s delayed weekly export inspections report, with 16.8% destined for China. NOPA’s monthly crush report showed their members September crush 10 mbu below expectations, at 152.57 mbu.
That is down 9.24% from August (168 mbu) due to 1 less processing day and some plant downtime ahead of harvest. NOPA soy oil stocks were 1.442 bil lbs at the end of Sep, 2.94% above August.