NCDEX May Soybean fell more than 0.6% to close at 3,755 rupees per 100 kg as market participants book profits on forecast of near normal monsoon forecast by IMD in the afternoon. Moreover, higher imports of edible oil also pressurize oilseed prices in the country. Last week, the prices have jumped to 9-weeks high of 3,898 dues to good exports figures for soymeal from SEA but now slipped 3%.

As per SEA, soy meal exports in March were provisionally reported at 1.94 lt, up 175% on year while Feb exports revised higher to 1.32 lt from 69,128 tonnes reported last month. Soybean meal exports in FY 2018/19(Apr-Mar) pegged at 13.37 lt, up 12.6% on year while for Oct – Mar period exports are up 31.8% at 9.2 lt. Soybean arrivals for the Oct-Mar period is pegged at 77 lt, up by 23.2% on year by SOPA.

It expects availability of soybean for crushing, direct use and exports of about 101.8 lt as against 86 lt last year. SEA forecast soybean output at 102.43 lt in 2018/19, up more than 23% y/y.

 

Soybean futures ended the Tuesday session with most contracts 10 to 10 3/4 cents in negative territory. Product markets were lower as meal futures fell $4.50/ton and May soy oil was down 9 points.

Advisor to the White House Larry Kudlow stated that we are making good progress with China, but lack of much visible progress (aka radio silence) is making traders weary.

The known is the large US old crop carryover. USDA will begin reporting US soybean planting pace in next week’s Crop Progress report. The markets will be closed on Friday in observance of the Good Friday holiday.