•Indore Soybean plant prices went marginally down by 0.45% to INR 55,000 per tonne as compared to previous day amid weak demand in the market.
•Most of the market remained closed amid festivals.
•The prices of Soybean in Indore have fallen to a four-month low. Similarly, soymeal has also declined from a six-month high.
•The sentiment in the oil and oilseeds segment has been dampened due to a record mustard crop and higher arrivals.
•Despite shrink in arrivals, the prices have become strongly bearish in the short-term due to continuous pressure on crashing mustard seed prices caused by a record crop of this crop year. In the last two months, prices have fallen, reflecting the catastrophic decline in mustard seed prices.
•In the Domestic market, the Soy oil market prices traded down for the day. Prices at various market is pressured by higher supply side and correction in Mustard oil and cotton seed oil.
•Soymeal Indore prices marginally declined by 0.5% to INR 43,800 per tonne as compared to previous day, in other markets too soymeal traded steady to firm bias. Soymeal prices in the domestic market are expected to trade range bound with steady bias in the range of 42,000-45,000 in near term.
•Mangaluru turns ‘toast’ as heat wave builds along parts of West Coast.
•La Nina, which worsens hurricanes and drought, is gone.
•US forecaster says El Nino could arrive by summer 2023.
•Soybean outlook hinges on EPA, Brazil’s crop.
•Argentina grains exchange cuts forecast for soybean, corn production.
•Argentina’s soybean production for the 2022/2023 harvesting season is estimated at 29 million tonnes, down from 33.5 million tonnes previously estimated. The exchange also cut its estimate for 2022/23 corn production to 37.5 million tonnes, down from the 41 million tonnes previously expected.
•Brazil to export record 93mmt of soybean; 50 mmt of corn: Anec
•WASDE: USDA cuts Argentina’s soybean output to 33mmt, below projections
•The US Department of Agriculture (USDA)’s World Agricultural Supply and Demand Estimates (WASDE) report cut Argentina’s soybean output by 8 million mt to 33 million mt, below the market’s projections. Argentina’s production was cut from the previous 41 million due to dry and hot weather conditions, while the average market players projection was 36 million mt.
CBOT
•March Soybeans closed down 6.75 at 1520.00 cents per bushel.
•May Soybeans closed down 7.00 at 1510.75 cents per bushel.
•March Soymeal closed up 0.50 at 498.90 Cents per short ton.
•March Soybean Oil closed up 1.92 at 56.57 cents per pound.