Sowing of soybean across the country, which was lagging, has started gathering pace, with area under the oilseed rising marginally by 0.5% on year to 11.15 mln ha as on Wednesday, according to data from the farm ministry.
As on Aug 8, the total area under the oilseed was 10.98 mln ha.
Soybean acreage in Madhya Pradesh, the largest producer, was up 3% on year at 5.48 mln ha due to good rains in key growing regions. The state received 142.2 mm rainfall during Aug 8-14, 94% above-normal, according to data from the India Meteorological Department.
Acreage in Maharasthra, the second-largest producer, declined 0.3% on year to 3.9 mln ha. The acreage in Rajasthan stood at 1.0 mln ha as of Wednesday, a marginal rise of 0.4% on year.
Soybeans futures ended trade session 12 3/4 to 13 1/4 cents lower. Meal futures were down $2.90/ton and soy oil 45 points lower.
The US soybeans crop progress data shows 90% of the crop blooming (96% avg), with 68% setting pods (85% avg). Condition ratings were down 1% to a 54% g/ex rating, with a Brugler500 index rating 2 points lower at 344.
This morning’s Export Inspections report indicated that 1.16 MMT of soybeans were shipped in the week that ended on August 15. That was a 22% higher than the week prior and a 75% increase over the same week in 2018.
A total of 551,235 MT was headed to China. Results from day one the ProFarmer Midwest Crop Tour will be out later tonight. Many of the fields were still blooming, resulting in incomplete pod counts.