The June soybean contract on NCDEX hit a one-month low of 3,642 rupees per 100 kg following a forecast of good rains this year.

According to India Meteorological Department, rainfall in central India is seen at 100% of the long-period average during the monsoon season, while that in northwest India is seen at 94%. It also maintained its forecast for southwest monsoon rains at 96% of the long-period average.

In Indore, the oilseed was sold for 3,880 rupees per 100 kg, down 5-10 rupees per 100 kg. Arrivals in Madhya Pradesh, the largest grower, were pegged at 40,000 bags (1 bag = 100 kg) compared with 45,000 bags.

 

Soybean futures managed to close the session with the front months 1 to 2 cents higher. July soy meal was down 80 cents/ton, with soybean oil 25 points higher. NASS reported that 39% of the US soybean crop was planted as of June 2, lagging most estimates.

That was a 10% shift on the week, with the average pace at 79%. The crop was also shown at 19% emerged vs. the 56% average. The monthly Fats & Oils report from USDA indicated 171.54 mbu of soybeans crushed in April, above estimates of 170 mbu. That was slightly lower than a year ago and 4.39% below March.

Total soy oil stocks were shown at 2.258 billion pounds. The weekly Export Inspections report indicated that 498,771 MT of soybeans were shipped during the week that ended on May 30.

That was a 6.81% drop from the week prior and down 13% from this week in 2018. A total of 334,290 MT (67%) went to China.