Soybean price in key spot markets were steady due to subdued demand from crushing units amid weak arrivals. Demand for the oilseed weakened due to a decline in soymeal exports in February.
During February, India’s soymeal exports fell about 6% on year to 69,428 tn, according to data released by the Solvent Extractors’ Association of India.
In Indore, price of the oilseed was steady at 3,860-3,880 rupees per 100 kg. Arrivals in Madhya Pradesh, the largest grower, were pegged at 75,000 bags (1 bag = 100 kg) compared with 80,000 bags on Thursday.
On NCDEX too, soybean futures edged slightly lower, tracking weak cues from spot markets. The most-active April contract of soybean fell 0.2% to 3,710 rupees per 100 kg.
Soybean futures posted losses of 6 to 7 cents in the front months on Friday, with May losing 1.73% this week. Meal futures were down $2.90/ton in the nearby contract, with soy oil 2 points lower.
The USDA reported a private export sale of 664,000 MT of soybeans to China for 18/19 delivery. China hiked projected full year soy imports to 85 MMT from 83.65 MMT, citing lower canola imports.
USDA is at 88 MMT. The US S&D table had a 10 mbu lower carryout for 2018/19 of 900 mbu this morning, as crush was raised by that same number. World ending stocks were up 0.45 MMT to 107.17 MMT, with Chinese crush down 1 MMT. Brazilian production was trimmed by 0.5 MMT to 116.5 MMT.