Soybean prices rose in key spot markets due to a pickup in purchases by millers.
A decline in arrivals also supported prices.
In Indore, the oilseed was sold at 3,825-3,850 rupees per 100 kg, up 20-25 rupees from previous close. Arrivals in Madhya Pradesh, the largest grower, were pegged at 90,000-95,000 bags (1 bag = 100 kg), down 15,000 bags from the previous day.
On NCDEX, futures contracts also edged higher taking cues from spot market. The most-active March soybean contract was at 3,647 rupees per 100 kg, up 0.9% from the previous close.
Soybean futures ended the Friday session positive, after spending most of the day in negative territory. Meal futures were up $1/ton in the nearby contract, with soy oil a point lower.
May soybeans were 1.33% lower this week. January soybean crush in the US totalled 182.85 mbu according to the USDA, a shade higher than estimates. That was slightly lower than December, but 4.7% larger yr/yr.
Soy oil stocks totalled 2.004 billion pounds. Export commitments for soybeans are now 14.5% below a year ago, catching up with the large sales.
USDA is projecting a 12% drop for the full year, with the commitments 76% of that estimate vs. the 89% average for this date. Brazil’s soybean crop is estimated at 113.027 MMT by FC Stone, 0.832 MMT larger than their previous number.
Brazil’s trade ministry tallied the country’s soybean exports in February at 6.091 MMT, more than double January and the same month in 2018.