Soybean prices in Indore fell marginally because crushing units reduced their purchases as they have enough stocks. A fall in arrivals, however, limited a sharp decline in prices. In Indore, the oilseed was sold at 3,820-3,830 rupees per 100 kg, down 5-10 rupees from previous day.
Arrivals in Madhya Pradesh, the largest grower, were pegged at 40,000 bags (1 bag = 100 kg), down 10,000 bags from previous day.
On NCDEX, soybean futures were largely steady as weak spot cues offset improved demand from soymeal exporters. The May soybean contract was largely flat at 3,718 rupees per 100 kg.
Soybean futures posted 13 to 15 1/4 cent losses on Tuesday, hitting new 2019 lows on the continuous front month chart. Meal futures were $1.50/ton lower, May soy oil down 64 points, weakening product values.
Argentina’s soybean harvest is now thought to be 30% complete. Producers don’t like the price, with plenty of global competition as it comes out of the field. Brazil has harvested 92% of the crop in that country.
Brazil’s Ag Ministry expects soybean exports to be hurt by the spread of ASF in China. US Soybean cash prices averaged $7.81 on Tuesday per cmdtyView, $1.73 1/4 lower than the same day a year ago. The national basis was at -81 cents, 14 1/2 cents weaker yr/yr.