Farmers in the country have planted soybean across 11.3 mln ha as of Thursday, up nearly 1% on year, according to data from the farm ministry.
The minimum support price of soybean was 3,399 rupees per 100 kg, while in Indore, a key spot market, it was priced at 3,700-37,50 rupees per 100 kg, traders said.
Adequate rainfall in key growing regions also pushed up the overall sowing in the country, farm scientists said. The crop requires good moisture, and sufficient rains during Jun-Jul aided the same.
Soybean acreage in Madhya Pradesh, the largest producer, was up 3.7% on year at 5.5 mln ha. The state received 36% above-normal rains Jun 1-Sep 22, according to data from the India Meteorological Department.
Soybeans futures saw 7 to 9 3/4 cent gains in the nearby contracts to start the week. There were wire reports of Chinese importers buying ~600,000 MT of US soybeans out of the PNW this morning.
Soybean meal was up $3.40/ton, with soy oil 9 points lower. NASS reported that 34% of the US soybean crop had leaves dropping as of Sunday, with the normal pace at 59%.
As expected, condition ratings were left unch at 54% gd/ex, with a 1% move from very poor to fair causing the Brugler500 to rise 2 points to 347.
Weekly Inspections data from USDA indicated that 922,550 MT of soybeans were exported for the week ending on Sep 19. That was 38% above last week and 28.25% larger than this week in 2018.