Soybean prices in Indore increased due to a rise in purchases by crushing units amid a decline in arrivals. In Indore, the oilseed was sold at 3,830-3,840 rupees per 100 kg, up 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.
Soybean futures settled with 6 3/4 cent losses in all 2019 contracts on Wednesday. Spillover from the grains pressured the market lower. Meal futures were 60 cents/ton lower, with May soy oil 14 points in negative territory.
May options expire on Friday. Old crop soybean export bookings are seen at 300,000-700,000 MT in tomorrow’s Export Sales report, with 0-50,000 MT for new crop.
Canadian Canola acreage is expected to be down 6.6% from last year at 21.314 million acres, based off Stats Canada data released this morning. That was expected heading into.
Soybean acreage is also seen down 10.7% yr/yr at 5.64 million acres. Weakness in the Brazilian Real vs. the dollar was also seen as pressure on Wednesday.