Soybean contracts on the NCDEX fell ahead of the onset of monsoon and firmness in the rupee against the dollar. The most active June contract was down 29 rupees. Earlier-than-expected arrival of monsoon in Kerala has raised hope sowing of the oilseed will be higher in the country. Higher arrivals of the oilseed are also seen weighing on prices.
Seed shortage hits paddy farmers of Odisha.
Seed shortage hits paddy farmers of Odisha.
German rapeseed crop forecasts cut after dryness.
The cooperatives cut their forecast of Germany’s 2018 winter rapeseed crop to 4.05 million tonnes, down 5.0 percent on the year. The reason is the high temperatures and lack of rain in a large part of Germany in the past weeks. In May, the association had forecast 2018 a winter rapeseed crop of 4.12 million tonnes.
Egypt to begin importing rice after slashing its own cultivation.
Egypt to begin importing rice after slashing its own cultivation.
Canadian mustard looking to rebound, if weather cooperates.
Canadian mustard acres may be up on the year, but key growing regions missed out on recent rain and will need more moisture as the season progresses in order to prevent a repeat of 2017’s drought stricken crop. Statistics Canada’s acreage report released at the end of April pegged intended mustard area at 438,000 acres, which would be up from the 385,000 seeded in 2017. Yields were hurt by drought, and total production only came in at 122,000 tonnes in 2017. Recent rains in Saskatchewan brought much needed moisture to many areas but some key mustard growing regions in the southwest missed out on the moisture. If the growing conditions come around, there could be lots of mustard (in 2018).
Cotton oilcake up in Akola, Kadi on improved buys.
Cotton oilcake up in Akola, Kadi on improved buys.
MCX June cotton near 2-yr high on likely lower area.
MCX June cotton near 2-yr high on likely lower area.
Cotton area seen down 10% in Maharashtra on pest woes, up in Telangana.
Cotton area seen down 10% in Maharashtra on pest woes, up in Telangana.
J Thomas and Co sells 29 tn of coffee on 31 May, dn 61% from previous auction.
J Thomas and Co sells 29 tn of coffee on 31 May, dn 61% from previous auction.
US corn inspected for export down 8.8% on week, up 32.1% on year.
US corn inspected for export down 8.8% on week, up 32.1% on year.
India maize futures ease on weak spot demand on 04 June.
India maize futures ease on weak spot demand on 04 June.
India wheat dips on increased supply, reduced offtake.
India wheat dips on increased supply, reduced offtake.
Indonesia continues to buy more Russian wheat, Australian producers concerned.
Indonesia continues to buy more Russian wheat, Australian producers concerned.
Russian marketing year wheat exports hit 38 MMT.
Russian marketing year wheat exports hit 38 MMT.
All India rice progressive procurement update.
All India rice progressive procurement update.
Uttarakhand kharif soybean area down 11% on year
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.
Paddy crop to cover 4.4 million acres in Punjab.
Paddy crop to cover 4.4 million acres in Punjab.
NCDEX soybean hits 4-month low on weak meal, oil demand
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.
Pre-monsoon showers bring smiles on faces of paddy growers.
Pre-monsoon showers bring smiles on faces of paddy growers.
Soybean futures are currently 9 cents lower.
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.