India’s soybean acreage is seen marginally higher at 10.82 mln ha, despite delay in monsoon rains in key growing areas, according to Soybean Processors Association of India’s first crop survey for the 2019-20 (Jul-Jun) sowing season.
The survey was conducted in Madhya Pradesh, Maharashtra and Rajasthan, which together account for over 90% of the total soybean acreage in the country.
In Madhya Pradesh, the area under soybean is seen rising nearly 1.3% to 5.48 mln ha, according to the survey.
Soybean futures settled fractionally on both sides of UNCH. They were down as much as 13-14 cents earlier in the session. August soybean meal was up $2.50/ton, with soy oil 43 points lower.
Reports out of China are that buyers are halting NEW purchases of US ag goods, not cancelling old ones like the old crop beans scheduled for August shipment.
The Chinese Commerce ministry also stated the government will not rule out imposing tariffs on US ag goods purchased after August 3. The US soybeans crop progress data shows 72% of the crop blooming (87% avg), with 37% setting pods (63% avg).
Condition ratings were unch across the board, with a Brugler500 index rating of 347. This morning’s Export Inspections report indicated that 1.029 MMT of soybeans were shipped in the week that ended on August 1.
That was down 3.32% from the week prior, but 15.15% above the same week in 2018. A total of 579,005 MT was headed to China. Farm Futures released results from their producer survey, estimating 79.6 million planted acres of soybeans in 2019, with a projected yield of 48.4 bpa.