Soybean prices in Indore rose due to a decline in arrivals across spot market amid firm demand from crushing plants.

In Indore, the oilseed was sold at 3,880-3,890 rupees per 100 kg up 10-15 rupees.

Arrivals in Madhya Pradesh were pegged at 40,000 bags (1 bag = 100 kg), compared with 45,000 bags.

Taking cues from spot markets, soybean futures on NCDEX also rose.

The most active June soybean contract was last at 3,740 rupees per 100 kg, up 0.2% from the previous close.

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

The India Meteorological Department has said the southwest monsoon is likely to hit the Kerala on Jun 6–the usual date for the onset of the monsoon over the Kerala coast is Jun 1.

 

European Union soybean imports in the 2018/19 season that started last July totalled 13.4 million tonnes (mn t) by May 26, up 9pc compared with the same stage last year, data published by the European Commission on Monday showed.

EU 2018/19 soymeal imports were at 15.9mn t, down 6pc percent from a year earlier.

EU 2018/19 palm oil imports were at 5.7mn t, down 1pc from a year earlier.