Prices of soybean in Indore rose due to higher demand from crushing units and stockists.
In Indore, the oilseed was sold at 3,850-3,870 rupees per 100 kg, up 10-20 rupees. Arrivals in Madhya Pradesh were pegged at 50,000 bags (1 bag = 100 kg), compared with 55,000 bags.
Taking cues from spot markets, soybean futures on NCDEX also rose. The most-active June soybean contract was up 0.4% at 3,723 rupees per 100 kg.
Soybean futures are seen rising in the coming days due to forecast of delayed onset of the monsoon this year.
The India Meteorological Department has said the southwest monsoon is likely to hit Kerala on Jun 6. The usual date for the onset of the monsoon over the Kerala coast is Jun 1.
Soybean futures closed Turnaround with 9 to 9 3/4 cent losses, after being higher for most of the morning. July soy meal was down $2/ton, with soybean oil 36 points lower.
A rumor this morning said President Trump is considering $2/bu trade aid for soybeans, though no other details or official announcements have been made.
That would talk a lot of producers out of considering prevent plant claims and into late planted soybeans.
After Monday’s close, the Crop Progress report indicated IA was 27% planted, with MN at 10% complete, SD only 4%, IL 9% and NE 40% in the ground