Soyabean prices reported higher in Nagpur (APMC) on good buying support from local crushing plants amid thin supply from producing regions.

Notable rise in Madhya Pradesh soyabean prices and repeated enquiries from South-based plants also boosted prices. About 400 soyabean bags reported for auction in Nagpur APMC.

Soybean futures saw 8 to 8 3/4 cent gains in most contracts with July up 4.73% this week.

Spillover from corn was supportive, along with forecasts calling for heavy rainfall totals in the ECB.

Soymeal was up $1.80/ton, with bean oil 41 points lower.

A Private export sale of 130,000 MT of soybeans to Unknown Destinations for 18/19 was reported this morning.

An additional sale of 130,0000 MT of 18/19 beans to China was offset by a cancellation of 136,000 MT.

Ahead of NOPA’s monthly crush update, analysts expect the report to show that members crushed 162.474 mbu of soybeans in May.

Friday’s Commitment of Traders report showed money managers backing off their net short position in soybean futures and options by 2,201 contracts as of Tuesday to a net position of -91,155 contracts.