Soybean

Soybean up on low arrivals, high demand for soymeal.

China’s soymeal futures fall 3 pct at open after U.S. invites China to talks.

EU becoming a more significant importer of Russian soybean meal.

China’s interest in buying soyabean from Maharashtra to benefit farmers.

NCDEX soybean settles 1% higher on cues from CBOT.

India soybean area up 6% on year at 11 mln ha.

Soybean futures posted losses of 13 to 14 cents in the front months

Soybean futures drop 0.22% on weak global cues.

India soybean settles lower on downbeat soymeal exports.

Soybean futures closed with most contracts 4 to 5 1/4 cents higher

Old crop soybean sales in the week of August 30 totaled just 579 MT.

US Soybean Crop Conditions Holding Steady Despite Heavy Rains

NCML’s second advanced estimate for 2018-19 season

Pest attack threatens yield, poses risk to Madhya Pradesh soy crop

The area under soybean across the country was at around 11 mln ha. Sowing of the oilseed is underway in many states and in a week, the acreage may exceed the normal for the season–11.3 mln ha, based on the average for the past five years. Higher sowing in key growing areas of Madhya Pradesh, Maharashtra, and Rajasthan, the top growers, due to normal rains had pulled up the overall area under the crop in the country. In Madhya Pradesh, soybean acreage increased 13% on year to 5.3 mln ha, as planting gained pace due to attractive prices in spot markets.

The Foreign Agricultural Services of the US Department of Agriculture has projected Pakistans soybean imports at a record 2.5 mln tn in 2018-19 (Oct-Sep), compared with 2.0 mln tn produced last year. Soybean imports surged due to lower import duty on oilseed and increased duty on soymeal. Soymeal is made by crushing soybean and is used as a poultry feed. Improved demand for soymeal from poultry industry and rising consumption of protein-rich food also boosted demand for the oilseed from domestic crushing plants.

Soybean hit a one-and-half-month high on hopes that the US and China would restart stalled talks to end the trade war between the world’s two largest economies. In India, rising demand from soymeal exporters may also boost soybean prices. However, contracts of refined soyoil on the NCDEX and crude palm oil on the Multi Commodity Exchange are likely to trade lower due to lukewarm demand and adequate stocks in physical markets.

Prices of soybean rose in Indore as arrivals declined and benchmark contracts on CBOT gained. In benchmark Indore market, prices of soybean rose by 25 rupees to 3,475-3,525 rupees per 100 kg. Arrivals of soybean in Madhya Pradesh fell to 30,000-35,000 bags (1 bag=100 kg) from 50,000 bags. Most markets in Madhya Pradesh were closed since Friday, last day of truckers’ strike, and the bandh called by traders to oppose electronic billing and procurement. On NCDEX, the October contract rose 1% to 3,394 rupees per 100 kg, tracking gains in the spot market.

World soybean production in 2018/19 was put at 359 million tonnes, marginally up from a previous projection of 358 million. A small global surplus was anticipated with consumption projected at 356 million.

Soybean acreage across the country was 9.35 mln ha, up 11% from the year-ago period. Rains being bountiful in key growing regions of Madhya Pradesh, Maharashtra, Rajasthan, sowing of the oilseed has increased. In Madhya Pradesh, soybean acreage was 11% higher on year at 4.44 mln ha as planting gained pace because the ideal sowing period ends by the third week of July. Planting of the oilseed is expected to be higher from a year ago due to higher minimum support price and adequate rains in major growing areas.