Soybean futures on the National Commodity and Derivatives Exchange ticked lower because of weak demand from crushing plants. However, any sharp fall was limited by a rise in exports of soymeal.
Soymeal exports rose nearly 13% to 1.34 mln tn in 2018-19 (Apr-Mar), as per data released by The Solvent Extractors’ Association of India. Gains in key soybean contracts on the Chicago Board of Trade also cushioned the fall in prices on the domestic bourse.
Soybean prices on the US bourse rebounded after a pick-up in buying at lower price levels. Contracts of refined soyoil on NCDEX rose due to improved demand at lower price levels in physical markets.
Soybean futures saw 2 to 3 1/2 cent gains in most contracts. Nearby meal futures were up $1/ton, with soy oil 3 points higher. USDA flashed a sale of 133,759 MT of soybeans for 18/19 delivery to unknown destinations this morning.
The weekly Export Sales report is expected to show 0.8-1.15MMT in old crop soybean sales, with new crop at 0-100,000 MT. USDA did revise 17/18 Brazil production to 122 MMT on Tuesday, up 1.2 from the March report, with 18/19 @ 117 MMT.
AgRural now estimates the Brazilian soybean 18/19 crop at 114.6 MMT, up 1.7 from their previous number, with updated CONAB estimates released on Thursday. Argentina’s soybean crop is seen at 56 MMT according to estimates from the Rosario Grain Exchange, 2 MMT higher than their prior estimate. USDA is at 55 MMT.