The outlook for global soyabean production in 2017/18 is cut by 2m t m/m, to 347m, down by 1% y/y, including a reduced figure for Argentina. However, due to an increased estimate for carry-ins, supplies are forecast higher m/m and, with uptake reduced, carryovers are raised to 44.1m t, slightly lower y/y. Trade is little changed m/m, at a peak of 153m t, up by 4% y/y. The world harvested area is tentatively projected at a new high in 2018/19, including gains in Brazil and the USA. World soyabean output is forecast at 347m t in 2017/18, only 1% lower than the prior year’s peak as record crops in North America mostly compensate for reduced outturns elsewhere. Total use is predicted at a new high, with aggregate end-season stocks likely to fall. However, major exporters’ inventories are seen broadly steady y/y as heavy accumulation in the USA offsets significant falls in Brazil and Argentina. Trade could be a new high on bigger sales to Asia, while a modest recovery in deliveries to the EU is expected. The Council’s outlook for soyameal trade is for a record of 63.8m t, up by 3% y/y on increased demand from buyers in Asia and Africa. Given prospects for a disappointing soyabean crop, availabilities in Argentina, the world’s dominant supplier, are expected to tighten, with exports seen down by 6% y/y. However, this should be outweighed by bigger shipments by the USA and Brazil. Concerning tentative prospects for 2018/19, the world soyabean harvested area is projected to be up 2% y/y, including gains in the USA and Brazil. Trade will again be shaped by China’s appetite for imports
NCDEX coriander hits 1-wk high on weather concerns.
NCDEX coriander April contract hit one-week high of 5,674 rupees because of forecast of rains in the key growing areas of Rajasthan. The most active April futures were up 1.5%. Coriander in Rajasthan and Gujarat are in harvesting stage and rains during this period is likely to adversely impact the crop.
Coriander up in Ramganj on concerns about weather
Prices of coriander rose in Ramganj, a wholesale market due to forecast of unseasonal rains in the largest producer–Rajasthan. India Meteorological Department on Tuesday forecast isolated to scattered rains and thunderstorm over Rajasthan on Friday and Saturday. Lower arrivals in the state also led to gains in coriander.
Malaysia CPO ends flat as ringgit weak, CBOT soy dn
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives settled largely flat today, as gains due to a weak ringgit against the dollar were offset by weakness in soyoil contracts on CBOT. The most-active May contract of crude palm oil on the Malaysian bourse settled at 2,490 ringgits (41,252.97 rupees) per tn, up 1 ringgit from the previous close. A weak Malaysian currency makes the commodity cheaper for buyers holding other currencies.
Argentina Jan crush falls 8% year-on-year 2.8 million mt
The Argentinian soybean crush for January was reported at 2.8 million mt, up 25% from December, but down 8% year-on-year. The figures come at a time when private analysts are estimating a steep fall in Argentina’s crop production, with many now predicting the nation will produce 50 million mt or less, down at least 15% on the previous year. However, the 2018 January crush was up 10% from the five-year average and the third highest recorded for Argentina in 10 years.
CBOT soybean down on profit booking ahead of USDA meet
Soybean contracts on the CBOT were down because of profit booking by the investors ahead of the annual USDA conference. The most active May futures on the CBOT was down 0.3% at $10.4225 a bushel. The annual USDA conference will release acreage estimates for upcoming US crop planting at its two-day meeting. Profit booking was also seen in the contract after it hit an 11-month high of $10.50 per bushel due to concern over hot and dry weather in Argentina which may hit the output there.
Mustard up in Jaipur on higher demand from crushers
Prices of mustard seed rose in Jaipur, Rajasthan, as demand from crushers was strong. Traders are concerned over a forecast of rain and hailstorm in key growing areas of Rajasthan. Traders are concerned over a forecast of rain and hailstorm in key growing areas of Rajasthan. This is supporting an upside in mustard seed prices.
Soybean tad up in Indore tracking CBOT, low supply
Prices of soybean in Indore were up, tracking gains on CBOT. Lower supplies in the market and hot-and-dry weather in Argentina is seen supporting domestic soybean prices. Although arrivals are steady in the state, they are insufficient to meet demand.