The June soybean contract hit a three-week low of 3,655 rupees per 100 kg on NCDEX tracking weak cues from key spot markets.

In Indore, a key market, the oilseed was sold at 3,840-3,850 rupees per 100 kg, down 15-20 rupees.

Soybean futures are, however, seen rising in the coming days due to forecast of delayed onset of monsoon this year.

The India Meteorological Department said southwest monsoon rains were likely to hit Kerala on Jun 6. The usual date for monsoon arrival on the Kerala coast is Jun 1.

 

Soybean futures ended the session with the front months 10 to 10 1/2 cents higher. Support came from the grain complex and specs taking profits after Friday’s sell off.

July soy meal was up $3/ton, with soybean oil 28 points higher. After the close, the Crop Progress report indicated that just 19% of the soybean crop was planted on May 19, below most expectations.

The 5-year average for week 20 is 47%, as last year was 53%. NASS also reported that 5% of the crop was emerged, compared to the normal pace at 17%.

This morning’s Export Inspections report from USDA shows soybean shipments of 497,070 MT in the week that ended on May 16.

That was a slight drop from the previous week and 45.21% below the same week last year. A total of 205,944 MT was shipped to China.