Soybean contracts settled higher on NCDEX today due to improved demand in spot markets and poor arrival following lean season, analysts said.
Gains in the bellwether contracts on the Chicago Board of Trade also pushed up prices on the NCDEX, analysts said.
Soybean prices rose on the Chicago bourse as rains in key growing regions in the US, the top grower, is playing spoilsport, traders said.
Back home, a sharp decline in soymeal exports limited any sharp rise on the NCDEX, Indore-based trader Mahendra Doshi said.
Soymeal exports in July were at 26,006 tn, sharply lower from 63,748 tn a year ago, according to the Solvent Extractors’ Association of India data.
Soybean futures slipped 2 1/2 to 3 cents in the front months on Tuesday. August soybean meal was up $.20/ton, with soy oil off by 28 points. A Reuters survey showed average trade estimates 47.6 bpa for 2019 soybean yield, down 0.9 from July.
Planted acres are seen up 1 million acres from July at 81 million acres on the NASS resurvey of producers. Production predictions are expected slightly lower at 3.8 bbu, down 45 mbu from July on the lower projected yield.
NASS data showed all reported 18 states behind normal pace for soybeans setting pods.
Monday’s condition ratings by state showed IL down 10 points, with IN 1 lower and NE dropping 3 points. IA conditions were up 6 points, with MN (+3) MO (+10) and SD (+6) all notably higher.