Soybean prices in Indore rose due to strong demand from crushing units amid steady arrivals. In Indore, the oilseed was sold at 3,800-3,810 rupees per 100 kg, up 10-15 rupees. Arrivals in Madhya Pradesh, the largest grower, were steady at 60,000 bags (1 bag = 100 kg). Tracking spot cues, soybean futures on NCDEX also edged higher. The May soybean contract was up 0.4% at 3,843 rupees per 100 kg.
Soybean futures closed 1/2 to 1 1/2 cents lower on Wednesday. Nearby meal futures were up 40 cents/ton, with soy oil down 16 points. The Argentine crop was rated 51% good or excellent, down from last week due to excessively wet conditions. Trade guesses for that crop are around 54-56 MMT vs. 37 MMT in last year’s drought. IEG Vantage estimates the crop at 55 MMT, with estimates for Brazil at 114.5 MMT. USDA is expected to show 0.8 to 1.5 MMT of old crop soybeans sales in the week of March 28 in tomorrow’s Export Sales report, with new crop at 0-300,000 MT. Soy meal sales are seen at 100,000-350,000 MT, with soy oil at 0-25,000 MT.