CBOT soybean up as USDA might cut crop yield view
Ram Gopal Yadav (8 years ago)

Futures contracts of soybean on CBOT extended gains for the third consecutive day due to concerns that the USDA. The prices on CBOT also rose due to concerns over slow pace of planting in Brazil, the second-largest producer, following heavy rains in central and southern areas and dry conditions in Mato Grosso, the top soybean-growing state. The most-active January contract of soybean on CBOT was at $9.9750 per bushel, up 0.2% from the previous close.

Mustard seed up in Jaipur on export demand for meal
Ram Gopal Yadav (8 years ago)

Prices of mustard seed rose in Jaipur, Rajasthan, due to a rise in export demand for mustard meal. India Apr-Oct mustard meal exports were at 317,691 metric tonne, up from 161,272 metric tonne a year ago. A fall in arrivals coupled with improved demand from domestic oil millers and crushers, further lifted mustard seed prices.

OILSEEDS WASDE NOVEMBER OUTLOOK
Ram Gopal Yadav (8 years ago)

Total U.S. oilseed production for 2017/18 is projected at 132.1 million tons, down 0.1 million from last month due to lower soybean and peanut production. Soybean production is forecast at 4,425 million bushels, down 5 million due to a fractionally lower yield. With use unchanged, soybean ending stocks are projected at 425 million bushels. Prices for soybeans and soybean meal are raised this month. The U.S. season-average soybean price is projected at $9.30 per bushel, up 10 cents at the midpoint. The soybean meal price is projected at $295 to $335 per short ton, up 5 dollars on both ends of the range. The soybean oil price projection is unchanged at 32.5 to 36.5 cents per pound. The foreign oilseed supply and demand forecasts for 2017/18 include higher production, exports, and stocks compared to last month. Foreign production is forecast at 446.7 million tons, up 2.0 million with higher soybean, peanut, cottonseed, and rapeseed partly offset by lower sunflower seed. Soybean production for Brazil is increased 1 million tons to 108 million on higher reported area for Parana and Rio Grande do Sul. Peanut production is increased for India on higher yields for the state of Gujarat. Sunflower seed production is lower for Ukraine, Argentina, and South Africa. Major foreign soybean trade changes for 2017/18 include higher exports for Brazil and Paraguay, with increased soybean imports for China. Foreign soybean ending stocks for 2017/18 are up from last month, mostly reflecting increases for China, Argentina, and Brazil.

India Soybean snaps 2-session gaining streak, ends 1% down
Ram Gopal Yadav (8 years ago)

Futures contracts of all components in the edible oil basket, barring crude palm oil, fell on domestic exchanges. After rising in the last two sessions, soybean closed around 1% lower on the National Commodity and Derivatives Exchange due to tepid buying at higher price level. Prices rose on expectations of a hike in import duty on edible oils. Reflecting the trend in soybean, refined soyoil traded 0.4% lower on the NCDEX. Adequate stock of soyoil in domestic markets on the back of huge imports also weighed on sentiment.

NAFED buys 16,660 metric tonne soybean in 3 states
Ram Gopal Yadav (8 years ago)

The National Agricultural Cooperative Marketing Federation of India procured 16,660 metric tonne kharif soybean under the price support scheme across Rajasthan, Telangana, and Maharashtra. NAFED started procuring soybean as market prices of the commodity fell below the minimum support price of 3,050 rupees per 100 kg, inclusive of a bonus of 200 rupees. Over 9,500 farmers have benefited from the procurement that began in early October.

NAFED procures 76,969 metric tonne groundnut in shell
Ram Gopal Yadav (8 years ago)

The National Agricultural Cooperative Marketing Federation of India, under the price support scheme, has procured 76,969 metric tonne of groundnut in shell in Gujarat and Rajasthan. NAFED procured the crop from growers as market prices fell below the minimum support price of 4,450 rupees per 100 kg, inclusive of a bonus of 200 rupees.

China to buy another 12 million T of U.S. soybeans in 2017/18 in $5 billion deals
Ram Gopal Yadav (8 years ago)

The United States soybean industry has signed two letters of intent with Chinese importers covering a $5 billion purchase of an additional 12 million tonnes of soybeans in the 2017/18 marketing year. In the first agreement, signed on Nov. 8, it intended to purchase 8 million tonnes of U.S. soybeans worth $3.4 billion. A second agreement signed between grains trader ADM and China’s COFCO for intent to purchase 4 million tonnes of soybeans worth $1.6 billion.