Soybean prices went up by Rs 44 to Rs 3,724 per quintal in futures market as traders created fresh positions tracking positive spot demand.
On the National Commodity and Derivatives Exchange, soybean for May delivery rose by Rs 44, or 1.2 per cent, to Rs 3,724 per quintal with an open interest of 76,885 lots. Soybean for June delivery climbed by Rs 46, or 1.26 per cent, to Rs 3,690 per quintal with an open interest of 50,735 lots. Marketmen said raising of fresh positions by speculators on the back of higher demand mainly led to rise in soybean prices.
Soybeans finished higher on Thursday; the front month moves were stronger. May-August beans finished with 3 3/4 to 4 1/2 cent gains, while Sept – Nov beans closed fractionally to 2 1/2 higher. March 2021 closed at a 2 cent loss. Soybean meal futures were 40 cents/ton higher in May to 20 cents in either direction for the deferred contracts. Soy oil was firmer as the front months finished 4 to 6 points higher. This morning, USDA reported a private export sale of 272,000 MT of soybeans to China for a 19/20 MY delivery. The Export Sales report showed soybean bookings from the week ending April 16 at 344,921 MT. That was up 41% wk/wk but down 42% from the same week in 2019. China purchased 3.2% of the total sales on the week. Soymeal export sales were on the low end of pre-report estimates at 102,946 MT. Total MY commitments for soymeal are 9.242 MMT which is 8.5% below last year’s pace. Soybean oil sales came in at 21,383 MT on the week, which was a weekly increase of 1% and was 9% above the same week last year.