Soybean prices rose marginally in the benchmark market of Indore in Madhya Pradesh due to slow progress of sowing in the state. Poor rainfall in the state so far in the southwest monsoon season has hit sowing operations and pulled down the area sown under soybean. Area under soybean has also declined as some farmers in the state have switched to cotton for better returns.
CBOT soybean up as demand from China seen higher.
Futures contracts of soybean rose on CBOT due to anticipation of higher demand from China. Prevailing dry weather conditions in some parts of the US Midwest region also lifted prices of the commodity. Soybean futures also rose due to bargain buying.
Indore soybean prices down on lower meal exports.
Prices of soybean in Indore fell due to lower exports of soymeal from the country. Soymeal exports in July declined to 30,678 tonne as compared to 45,975 tonne in June. There is lower demand for the meal in the local and overseas market, which is seen weighing on the sentiments. In Indore, the benchmark market for the oilseed, soybean was down 8-10 rupees. The most active October futures were up 0.3%.
Export of soybean meal increases by 235%.
Export of soybean meal and its other value-added products during July 2017 has been pegged at 0.98 lakh tons compared to 0.29 lakh tons in July 2016 showing an increase of 235 per cent over the same period of last year, according to Soybean Processors Association of India (SOPA). On a financial year basis, the export during April’2017 to July’2017 is 4.69 lakh tons as compared to 1.19 lakh tons in the same period of previous year showing an increase of 292 per cent. The release added that during current oil year, (October 2016 – September 2017), total exports during October 2016 to July 2017 is 16.46 lakh tons as against 3.48 lakh tons during the same period last year, showing an increase of 372.72 per cent.
Pakistan soybean imports on the rise.
Pakistan continues to increase its purchasing of soybeans with imports expected to reach a record 1.6 million tonnes during 2016-17 and 2 million tonnes during 2017-18. Higher imports are a reflection of a tariff structure that favors soybeans over soymeal and growing demand from Pakistan poultry sector. imports of edible oils are proving to be slower than forecast as higher prices curb demand and increased imports and crushing of canola and soybeans offset some of the need for edible oil imports. Imports of both palm oil and soybean oil are now expected lower, but Pakistan remains one of the largest vegetable oil importers. Continued demand for protein meal from Pakistan’s poultry feed sector is expected to push soybean imports to a record. Importers continue to source small quantities of soybean meal when pricing is favorable and imports are expected to reach 360,000 tonnes during the current marketing year based on imports to date and estimated bookings.
Soybean contracts up on NCDEX tracking CBOT.
Futures contracts of soybean traded up on the NCDEX tracking the CBOT. The most-active August contract traded up 1.5% from the previous close. Contracts of soybean rose on the CBOT due to short covering by market participants after prices fell last week. Bargain buying by domestic oil millers and crushers after a recent fall in prices also supported contracts of soybean on the NCDEX.
Soybean acreage 9.9 million ha as of Thu, down 10% on year.
Acreage under soybean across the country was at 9.9 million ha as of Thursday, down 10.4% from the year-ago period. Sowing under soybean fell this year following a decline in acreage in Madhya Pradesh, the largest soybean-producing state, due to poor rains in the last fortnight. In Madhya Pradesh, acreage of the crop was at 4.71 million ha, down from 5.36 million ha in the previous year. The area under soybean in the state is lower so far because farmers chose to sow other remunerative crops such as cotton, urad, and moong, as soybean fetched poor returns in 2016-17.
US export soybean sales have down from prior week.
Old-crop soybean sales of about 8.6 million bu. were down 23% from the prior week but matched trade forecasts. Germany, the Netherlands and Bangladesh led buyers. Most of the attention in soybeans is on the new crop year, which starts Sept. 1. New-crop sales of 13.5 million bu. also were down from the prior week and were led by China, unknown destinations and Thailand. Soybean oil sales for the 2016-17 crop year of 10,700 metric tons were down 28% from the prior week but within forecasts, with Mexico, Guatemala and Canada as the leading buyers. Soybean meal export sales 87,100 metric tons were sharply up from the prior week. New-crop business of 57,700 MT was up slightly from a week ago, with Colombia, El Salvador and the Dominican Republic as the leading buyers.
Soy prices in Indore extends fall as arrivals rise.
Prices of soybean in the key wholesale market of Indore extended fall due to a rise in arrivals. The fall in spot price of oilseed in the benchmark market also reflected on the futures contracts. The most active August soybean contract on NCDEX traded down 1.1% from the previous close.
CBOT soybean down on improved US weather conditions.
Futures contracts of soybean were down on the CBOT due to an improvement in US weather conditions. The contracts declined after USDA rated 59% of the US soybean crop as being in good condition. The August soybean contract on CBOT was at $9.50 per bushel, down 1.7% from the previous close.
US Soybean futures hit one-month low on rainfall.
Soybean futures fell to the lowest point in over a month, leading a day of selling across grain and oilseed markets. Rain in the Midwest overnight added moisture to the soybean crop and pressured prices. Better growing weather for the oilseed in August, with plenty of rain and cool temperatures forecast, prompted a selloff this week. Traders are betting that soybean supplies large as a result, with U.S. farmers already sowing more acres of the crop than ever before this year. August-dated soybean futures at the Chicago Board of Trade fell 1.7% to $9.50 1/2 a bushel, closing at the lowest point since late June.
Soybean prices in Indore fall as arrivals rise.
Prices of soybean in the key wholesale market of Indore fell due to rise in arrivals. Arrivals across Madhya Pradesh rose. Higher supplies also weighed on the futures of the oilseed on the NCDEX with the August soybean contract trading down 0.5% from the previous close.
Soybean down tracking CBOT cues; mustard unchanged.
Futures contracts of most components of the edible oil basket, barring mustard, traded lower on domestic exchanges. Extending weakness from previous session, soybean futures on the National Commodity and Derivatives Exchange closed a tad lower tracking weakness in key contracts on Chicago Board of Trade. Fall in acreage under the oilseed in ongoing kharif season limited any sharp fall of prices. Refined soyoil futures on the NCDEX and crude palm oil on the Multi Commodity Exchange fell due to subdued demand at higher price level. Contracts of mustard on the NCDEX ended flat as gains due to domestic demand were negated by weak export demand for mustard meal.
NCDEX soybean contracts fall on CBOT cues.
Futures contracts of soybean fell on the NCDEX tracking the Chicago Board of Trade. The most-active August contract on the NCDEX traded down 0.2% from the previous close. Contracts of soybean declined over 1% on the CBOT following reports that conditions for the crop in the US were getting favourable. A drop-in acreage of soybean across the country, however, cushioned sharp fall in price.
India soybean eases; import duty talk lifts soyoil, CPO.
Futures contracts of the edible oil basket traded mixed, as soybean and mustard closed lower while soyoil and crude palm oil were up on domestic exchanges. Soybean futures on the National Commodity and Derivatives Exchange closed 1.3% lower due to fall in demand at higher price levels as the commodity rose to a three-month high late last week. The government is considering increasing import duty on soyoil and palm oils to restrict the fall in domestic prices. Gains on Bursa Malaysia Derivatives also propped up prices on the Indian bourses. The most-active October crude palm oil contract on the Malaysian bourse ended up 0.75% at 2,675 ringgits (40,088 rupees) per tonne.
CBOT soybeans drop on Midwest weather outlook.
Chicago Board of Trade soybean futures fell on forecasts for cool weather in the U.S. Midwest that aid crop development in the region. Soymeal futures also weakened but closed above session lows after the September contract found support at its 100-day moving average. Soyoil rose on follow-through buying from a sharp rally.
Fall in supply lifts soybean prices in Indore.
Soybean prices in the benchmark market of Indore were up as arrivals slipped due to heavy rains. A pick-up in demand from oil millers and stockists, and slow progress of kharif sowing in the state also supported prices.
Malaysia CPO down on profit booking, CBOT soy cues.
Futures contracts of crude palm oil fell on the Bursa Malaysia Derivatives as investors booked profits after prices hit a four-month high of 2,692 ringgits per tonne previous close. The most-active October palm oil contract was down 0.75% at 2,657 ringgits (39,859.66 rupees) per tonne. Decline in soyoil contracts on CBOT also weighed on palm oil prices. Prices of crude palm oil and soyoil move in tandem as both are used in the production of bio-fuels.
US 15% of corn and soybean production areas are experiencing drought.
soybean-growing states face extremely dry conditions. About 15% of corn and soybean production areas are experiencing drought, USDA.
Soy up in Indore as heavy rainfall hits arrivals.
Prices of soybean at spot markets in Indore rose by around 25 rupees as heavy rainfall hit arrivals. IMD has advised farmers in the state to re-sow the oilseed in some patches as erratic weather in the state has affected proper growth. Soybean contracts on NCDEX were also up tracking gains in the spot market. The most active August contract traded up 0.6% from the previous close.