Month: June 2018

Nearby soybean meal was down $1.10/ton and soy oil was up 7 points. The USDA weekly Export Sales report showed old crop sales of 273,400 MT, below pre-report ideas of 300,000-600,000 MT. However, new crop bookings totaled 771,600 MT and were above the top end of trade ideas. After the Friday close, USDA reported April soybean crush of 171.62 million bushels, with an implied oil yield of 11.45. That was close to trade estimates.

NCDEX June soybean contract hit a four-month low of 3,517 rupees per 100 kg because of sluggish demand for the oilseed from oil and meal producers. The most-active June futures were down 1.3%. In Indore, the benchmark market, prices were down 25 rupees. Weakness in contracts on CBOT also weighed on domestic soybean futures.

Uttarakhand’s kharif soybean acreage was at 8,000 ha, down 11.1% on year. The normal area of soybean for the entire kharif season in Uttarakhand is 12,700 ha. The state’s soybean production is quite low compared to the other major producers such as Madhya Pradesh, Maharashtra and Rajasthan. Sowing of soybean is yet to begin in those states and in other parts of the country.