Soybean

The IGC’s monthly report shows 17/18 world soybean ending stocks at 42 MMT, down 3 MMT from February on a reduction in production.

Futures contracts of most components of the edible oil complex, barring soybean, fell on domestic exchanges. The most-active April contract of soybean rose marginally on the National Commodity and Derivatives Exchange tailing strength in key contracts on the Chicago Board of Trade. Paring gains from the previous session, the April contract of mustard on NCDEX traded 0.5% lower due to a rise in arrivals of fresh crop and lukewarm demand from oil millers.

Futures contracts of components of the edible oil complex traded on a mixed note on domestic exchanges. While, soybean and mustard ticked higher, crude palm oil and refined soyoil drifted lower.The most-active April soybean contract on the NCDEX traded nearly 1% higher, tracking key contracts on the Cbot.

Prices of soybean rose in Indore because of improved demand from crushers of the oilseed for production of meal. Demand from the crushers were up due to a long weekend. The most active April futures of soybean on the NCDEX were unchanged.

The revised production prospects for Argentine soybeans were down significantly from previous projections. The USDA forecast 2017-18 production at 47 million tonnes, down 7 million tonnes, or 13%, from the previous month’s projection and off significantly from the previous two years: 19% lower than the 2016-17 outturn of 57.8 million tonnes and 17% lower than the 2015-16 outturn of 56.8 million tonnes.

NCDEX on marked 11,130 tn soybean for staggered delivery in the March contract.

Prices of soybean rose in Indore, Madhya Pradesh, due to a fall in arrivals of the oilseed and higher demand for soymeal from the poultry feed industry. Improved demand from domestic oil millers and crushers is also seen supporting soybean prices. Strong demand for soybean in the US is seen supporting prices on CBOT, boosting prices in the domestic market.

Prices of soybean rose in Indoredue to a slight increase in demand from crushers, and tracking gains on CBOT. Strong demand for soybean in the US is seen supporting prices on CBOT. Demand for soymeal from the poultry sector is pushing seed prices higher.

China’s 2017/18 soybean imports are expected to climb above 100 million tonnes. China bought 93.5 million tonnes of soybeans in 2016/17.

Soybean prices in Indore fell because of lower demand from crushers who produce soymeal. Lower meal demand is seen pushing prices of the oilseed lower. The most active April futures on the NCDEX, however, rose 2.4%.

Soybean prices in Indore were down because of lower demand for the oilseed from crushers for production of its derivatives, particularly soymeal. The most active April futures on the NCDEX were down 2.4%. Rajfed announced to purchase mustard, chana, wheat at support price.

Soybean futures edged higher, rebounding from a more than two-week low touched earlier in the session, though gains were capped by fears of a potential fall in demand for North American supplies by China as a trade war escalates. The most active soybean futures on the Chicago Board Of Trade were up 0.1 percent to $10.40-1/2 a bushel.

Prices of soybean were down in Indore, Madhya Pradesh, as demand from millers remained sluggish. India’s soymeal exports in February declined 64.5% on year to 73,816 tn. Lower demand from crushers was weighing on soybean contracts. The most active April futures contract was down 1.1% at 3,808 rupees per 100 kg on the NCDEX.

The value of Argentina’s soy export sales in 2017 were down by 10.2% versus 2016, while wheat sales doubled between 2015 and 2017. Total 2017 export soy sales, comprising sales of meal, oil and beans, amounted to $15.54 billion, the lowest value recorded in the last four years. Soybean meal sales accounted for $9.05 million, of which nearly a third of that was sold to the EU. Soybean oil sales came in at $3.73 billion, with just under half going to India, while soybean sales were $2.73 billion, of which 88% was picked up by China.

Soybean prices in Indore fell because demand was sluggish as prices have risen after the government raised import duty on palm oil and refined bleached deodorized palmolein. Weakness in soybean contracts on CBOT also weighed on domestic prices. The most-active April contract on NCDEX was down 35 rupees.

Futures of soybean and refined soyoil traded over 1% higher on the National Commodity and Derivatives Exchange because of rise in demand in wholesale markets. Expectation of a hike in import duty on soyoil, in line with palm oil, also boosted the sentiment on the Indian exchange.

Russia processed a record monthly amount of soybeans in December 2017. So, soybean oil production gained 33.8% in December 2017 versus November 2017, reaching 83.9 KMT. It was up 42.4% on the year (58.9 KMT in December 2016/17). Soybean oil output hit a record 254.6 KMT in the first four months of the 2017/18 season (September-December), up almost 9% on the year. Soybean oil accounts for some 12% of Russian vegoil production against 11% a year ago.

Prices of soybean in Indore were up due to improved demand from domestic oil millers and crushers. A rise in arrivals was insufficient to meet excess demand, thereby supporting soybean prices.