News

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.

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.

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.

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.