Prices of soybean were down in Indore on expectations of a rise in arrivals in the coming days amid subdued demand from crushers. In Indore, the benchmark market, soybean was sold at 3,500-3,550 rupees per 100 kg, down 50 rupees. Arrivals of soybean in Madhya Pradesh were estimated at 40,000 bags (1 bag = 100 kg), up from 33,000 bags. Arrivals are likely to rise to 100,000 bags in two-three weeks after sowing completes in the state. An increase in minimum support price for the oilseed in the kharif season by 349 rupees per 100 kg was below expectations as traders expected a 500-rupee hike. About 70% of sowing has been completed in Madhya Pradesh.
India oilmeal exports gain 9% in June quarter
The export of oilmeals during June 2018 has dropped by 33.56% as compared to June 2017 even though the overall export during April to June 2018 is reported at 654,774 tons compared to 599,346 tons during the same period of last year, up by 9%. The ongoing trade dispute between USA and China has created a lot of uncertainty and forcing China to look out to other origins for their requirements of soybean and oilmeals. This has compelled China to relook its ban imposed for importing of oilmeals from India since 2012. This will open up Chinese market for India. Of course, this is subject to clarification about phytosanitory certificate for export of oilmeals from India. During April – June 2018 Vietnam imported 116,839 tons of oilmeals (compared to 86,458 tons); consisting of 7,160 tons of soybean meal. South Korea imported 10,303 tons of soybean meal.