Prices of soybean in Indore rose due to firm demand from crushing units and stockists. Low arrivals in the key spot markets also supported prices.
In Indore, the oilseed was sold at 3,870-3,890 rupees per 100 kg, up 15-20 rupees. Arrivals in Madhya Pradesh were pegged at 45,000 bags (1 bag = 100 kg), compared with 50,000 bags.
Tracking spot cues, soybean futures on NCDEX also rose. The most-active June soybean contract was up 0.4% at 3,726 rupees per 100 kg.
Soybean futures are seen rising in the coming days due to forecast of delayed onset of the monsoon this year.
Soybean futures rebounded from losses, with the nearby contracts closing 6 to 7 cents higher. July soy meal was up $3/ton, with soybean oil 17 points in the green.
USDA reported a private export sale of 131,000 MT of soybeans to unknown destinations, split between 18/19 (110,000 MT) and 19/20 (21,000 MT).
USDA addressed a Bloomberg report of a $2/bu trade aid payment this year, stating they would have an announcement shortly and the program would be designed to avoid skewing planting decisions.
Trade estimates for tomorrow’s Export Sales report are for 0-400,000 MT of old crop and 100,000-400,000 MT for new crop soybeans in the week of 5/16. Meal is seen at 75,000-400,000 MT, with soy oil at 4,000-25,000 MT.