•The Indore Soybean Plant pricing remained unchanged from the previous day at INR 52,500 a tonne, despite a potential decline in soymeal export demand due to an increase in the spread between kandla and Argentina Soymeal prices.
•In the Domestic market, the Soy oil market prices traded down for the day, following weakness in rival Palm oil.
•Buyers are cautious in the falling market. Due to concerns about food inflation, the government has maintained the current import duty on edible oils, indicating a cautious approach.
•Soymeal Indore prices remained stable at INR 43,800 a tonne, despite an increase in the Ex-Rotterdam and Ex-Kandla spreads. In other markets too, soymeal traded with steady sentiments.
•In the short term, soymeal prices in the domestic market are expected to trade range bound with a weak bias in the 40,000-44,000 range.
•Delhi’s average max temp this May is the lowest in 36 years, says IMD.
•May, generally the hottest month in Delhi, recorded 111 mm of rainfall this time, which is 262% more than the long-term average of 30.7 mm.
•Monsoon advances into parts of South Arabian Sea, Maldives, Comorin.
•USA soybean sowing progress.
•As of April 28th May 2023, the most recent report from the USDA reveals that the progress of soybean planting has reached a total of 83% completion vs 64% previous year same period. This surpasses the typical five-year average of 65% for this period in the year.
•Argentina soybean harvesting progress.
•As of the end of last week, the soybean harvest stood at 78%, which is lower compared to 91% at the same time last year and the average of 92%. This indicates a weekly progress of 9%. In the primary soybean production regions, the harvest is nearing completion, with approximately 95% of the crop already collected. In southern Argentina, about 50-60% of the soybeans have been harvested, while in northern Argentina, the figure stands at 45-55%. Regarding the planting schedules, the early-planted soybeans have reached an 86% harvest rate, whereas the later-planted ones are at 59% harvested.
•Ukrainian grain and oilseeds export in 2023/24 can drop to 43.9 mmt: UGA
•Ukraine’s May sunoil exports fall 16.5% to 453k mt, total at 4.2m mt.
•Actual production to fall short of the govt’s crop estimates, say traders.
•Thundershowers, Hailstorms to Continue Impacting Uttarakhand and Himachal Pradesh Till June 2; Alerts Issued.
•CPO, soyoil futures rebound on short covering.
•Crude palm oil (CPO) futures rebounded on Thursday after falling to a multi-year low a day earlier, buoyed by movements in the wider vegoil and energy complex and short covering. The benchmark CPO futures contract for August delivery on Bursa Malaysia moved 2.7% higher to close at MYR3,284/mt ($715/mt), recovering some of its previous losses as it tracked gains in overnight soyoil futures on the CME and crude oil futures. News of the US House of Representatives passing the debt ceiling bill and advancing it to the Senate during Asian trading hours also added to positive sentiment that the US would be able to avoid a debt default, with Asian financial markets mostly trading higher in response to the announcement.
CBOT
•July Soybeans closed +29.75 at 1329.50 cents per bushel.
•Aug Soybeans closed +26.25 at 1244.00 cents per bushel.
•July Soybean Oil closed +1.66 at 47.86 cents per pound.
•July Soymeal closed +8.00 at 401.40 Cents per short ton.