Soybean up in Indore on delay in progress of monsoon.

Soybean prices in Indore rose because of reports of delay in the progress of southwest monsoon in the interior parts of the country. Most Madhya Pradesh markets were closed because of Amavasya. The most-active July contract on NCDEX were up 31 rupees at 3,449 rupees per 100 kg.

Brazil’s soybean exports to Argentina near 250,000 mt

Crushers in Argentina, which is experiencing its worst drought in decades, have imported 245,000 mt of Brazilian soybeans so far this year, more than the last seven years combined, and the total is expected to rise. From Brazil, exports to Argentina reached 109,000 mt last month, taking the total to nearly a quarter of a million tonnes so far this year. Argentina, the world’s third largest producer and exporter of soybeans and the largest exporter of soymeal and soyoil, has suffered a dry summer that has baked its crop and slashed soybean production by almost 40% to about 35 million mt. In order to keep crushers running and meet contractual commitments to sell soymeal and soyoil, Argentina’s crushers have bought almost 500,000 mt from the US. But while that is for delivery in the next crop year, starting in September, crushers had been seeking more immediate purchases from Brazil.