Soybean flat in Indore as demand low, arrivals slip

Prices of soybean in Indore were largely steady due to low arrivals amid a decline in demand from crushing units.

In Indore, the oilseed was sold at 3,880-3,890 rupees per 100 kg . Arrivals in Madhya Pradesh were pegged at 40,000 bags (1 bag = 100 kg), compared with 45,000 bags.

Soybean futures were marginally lower on NCDEX today. The most active June soybean contract slipped 0.3% to 3,714 rupees per 100 kg.

Soybean futures are seen rising in the coming days due to forecast of delayed monsoon onset this year.

The India Meteorological Department has said the southwest monsoon is likely to hit the Kerala on Jun 6, as against the usual date for the onset of the monsoon over the Kerala coast is Jun 1.

Soybean futures posted 26 to 26 1/4 cent gains in most nearby contracts on Tuesday. July soy meal was up $12.30/ton, a 4.09% gain, with soybean oil 28 points higher.

NASS showed the slow soybean planting pace continue, moving 10% on the week to 29% planted as of Sunday. The average is 66% for that date.

The crop was also 11% emerged vs. the 35% average. US exporters shipped 532,881 MT in the week that ended on May 23 according to Export Inspections data.

That was 7% above the week prior but down 8.35% from this week last year. Of that total 272,886 MT went to China.