Soybean production in the country is estimated at 8.99 mln tn in 2019-20 (Jul-Jun), down 18% from last year owing to yield loss in key growing regions following heavy rains, Soybean Processors Association of India said in a report today after conducting a survey.
“Yields seen hit as 15-30% of crop were damaged due to heavy rain in top growers. Many districts in Madhya Pradesh received very heavy rains close to harvest. This has led to significant yield losses this year,” SOPA Executive Director D.N. Pathak said.
The output was estimated after field surveys for yield as well as satellite surveys for area in Madhya Pradesh, Maharashtra and Rajasthan.
Soybeans futures ended the Thursday session fractionally lower backing off post-report gains. Soybean meal was down $1.30/ton, with soy oil gaining 7 points.
USDA reported a private export sale of 398,000 MT of US soybeans to the PRC this morning. NASS slashed their projected 2019 US soybean yield by 1 bpa this morning to 46.9 bpa.
That helped their production estimate to fall 83 mbu from last month’s report to 3,550 bbu. With the help of lower carryover from 18/19 and a cut to production, 19/20 ending stocks were down 180 mbu from last report at 460 mbu.
World carryout for 19/20 was reduced 4% by WAOB this morning to 95.21 MMT. USDA left their Brazilian production number at 123 MMT, with CONAB’s initial projection at 120.4 MMT.
Weekly export sales data was higher than the expected, with 2.092 MMT reported for the week of 10/3. Net soybean sales to China were tallied at 1.177 MMT. Soy meal booking were seen at 364,700 MT, with soy oil at 1,200 MT.