The May soybean contract on NCDEX hit a one-week low of 3,655 rupees per 100 kg due to subdued spot demand from crushing units. the contract pared losses and was at 3,689 rupees per 100 kg, down 0.3% from the previous close. In Indore, the oilseed was sold at 3,830-3,840 rupees per 100 kg, down 15-20 rupees from previous day.
Arrivals in Madhya Pradseh, the largest producer, were pegged at 50,000 bags (1 bag = 100 kg), up 5,000 bags from previous day.
Soyabean prices reported down in Nagpur Agriculture Produce Marketing Committee on lack of demand from local crushing plants.
No takers to soyabean oil & soymeal, fresh fall on NCDEX, easy condition in Madhya Pradesh soyabean prices and high moisture content arrival also affected prices in limited About 400 new soyabean bags reported for auction in Nagpur APMC. Soymeal prices ruled steady here, but demand was poor in thin trading activity.
Soybean futures saw 3 1/2 to 4 cent losses in the front months on Monday. Meal futures were down 70 cents/ton, with May soy oil 10 points lower. This morning’s Export Inspections report indicated 382,298 MT of soybeans shipped in the week that ended on 4/18. That was 19.73% lower than last week and 19.07% below a year ago.
Just one cargo of 67,113 MT was destined for China. The weekly Crop Progress report showed that just 1% of the US soybean crop has been planted as of Sunday, lagging the 2% average.
Ahead of Wednesday’s Stats Canada report, analysts estimate 2019 canola acreage to total 21.8 million acres, which would be down 1 million from last year.