Soybean prices in Indore, Madhya Pradesh, fell as demand from crushing plants and exporters fell amid a rise in arrivals. In Indore, it was sold at 3,785-3,825 rupees per 100 kg, down 15-20 rupees from previous day.
Arrivals in Madhya Pradesh, the largest grower, were pegged at 95,000 bags (1 bag = 100 kg) compared with 85,000 bags on previous day. On NCDEX, soybean futures, too, edged down tracking weak cues from spot markets. The most-active March soybean contract on NCDEX fell 0.4% to 3,727 rupees per 100 kg.
Soybean futures ended Friday with the nearby contracts steady to 3/4 cents lower. Meal futures were down 30 cents/ton in the nearby contract, with soy oil 2 points higher. After the close, a tweet from Secretary Perdue indicated that China committed to purchase another 10 MMT of soybeans on Friday.
Export sales of old crop soybeans in the weeks of Jan 10-Feb 14 were tallied at 6.532 MMT, with a weekly average of 1.089 MMT. That was on the lower end of estimates, but more than double the same six-week total in 2018! China purchased most of the total at 3.923 MMT, with Egypt buying 602,500 MT. Export commitments for 18/19 have now improved to 17.5% below last year as of 2/14.
The Fats & Oils report showing delayed December data indicated that 183.5 mbu of soybeans were crushed in that month. That was a monthly record crush number and 4.1% larger yr/yr.
Total oil stocks were seen at 1.601 billion pounds. A preliminary USDA estimate for the 2019/20 soybean S&D table shows ending stocks at 845 mbu, which would be down from the current 910 mbu 18/19 projection.