Soybean prices in Indore rose marginally as arrivals fell amid demand from crushing plants and exporters. Arrivals fell as stockists did not offload inventories as prices were on the decline over the last few days.
In Indore, the oilseed was sold at 3,770-3,825 rupees per 100 kg, up 20-25 rupees from previous day. Arrivals in Madhya Pradesh, the largest grower, were pegged at 85,000 bags (1 bag = 100 kg) compared with 90,000-92,000 bags on the previous day of trade.
Soybean futures on NCDEX also edged up today on spot cues. The most-active March soybean contract rose 0.8% to 3,755 rupees per 100 kg. Soybean prices are seen gaining in the coming days on anticipation of rise in soymeal exports.
Soybean futures ended the day with most contracts steady to 1 1/4 cents lower. Meal futures were up 90 cents/ton in the nearby contract, with soy oil down 34 points to drag on product values.
Thursday is the final day to sign up for the MFP payments, with the 2018 crop certification deadline on May 1. USDA’s Export sales report for the week of 1/3 (delayed du to the shutdown) is projected to show 0.6-1 MMT in soybeans sales for that week.
Friday’s NOPA crush report is expected to show 169.575 mbu of soybeans were crushed by its members in January. Soy oil stocks are seen at 1.566 million pounds.