Prices of soybean in Indore, Madhya Pradesh, hit an 18-month high due to a fall in arrivals while demand from oil millers improved. A downward revision of estimate of soybean production in Madhya Pradesh in 2017-18 (Jul-Jun) at 5.3 mln tn, against 6.9 mln tn in the first advance estimate is seen supporting prices of the oilseed.
NCDEX soybean up 3% as Madhya Pradesh cuts crop view
Soybean contracts on the NCDEX hit the 3% upper limit as Madhya Pradesh, India’s largest producer, revised its production view downward. The most active February soybean contract on NCDEX traded up 2.9% from the previous close.
Brazil steals U.S. soybean share in China, protein plight
U.S. soybean growers are losing market share in the all-important China market because the race to grow higher-yielding crops has robbed their most prized nutrient: protein. Declining protein levels make soybeans less valuable to the $400 billion industry that produces feed for cattle, pigs, chickens and fish. And the problem is a key factor driving soybean buyers from the U.S. to Brazil, where warmer weather helps offset the impact of higher crop yields on protein levels. A decade ago, the United States supplied 38 percent of soybeans to China, the world’s top importer, compared to 34 percent from Brazil. Now, Brazil supplies 57 percent of Chinese imports compared to 31 from the United States.
Madhya Pradesh cuts 2017-18 soy crop view to 5.3 mln tn
Madhya Pradesh has lowered its estimate for soybean production in 2017-18 (Jul-Jun) to 5.3 mln tn from 6.9 mln tn projected in the first advanced estimate. A downward revision in soybean production was mainly due to a dry spell during the growth stage that adversely affected the yield. Soybean yield declined substantially to 1,062 kg per ha compared with 1,231 kg in 2016-17.
NCDEX soybean up 3% on firm demand from oil millers
Soybean futures on NCDEX hit 3% upper limit due to firm demand for the oilseed from millers and stagnant arrivals. The most active February soybean contract on NCDEX traded at 3,653 rupees per 100 kg, up 3% from the previous close. All-India arrivals of the oilseed were, however, estimated to be steady at 200,000 bags (1 bag = 100 kg). Downward revision of soybean production in Madhya Pradesh in 2017-18 (Jul-Jun) at 5.3 mln tn against 6.9 mln tn estimated in the first advance estimate is seen supporting prices of the oilseed.
CBOT soybean down on profit booking post 6-wk high
The March contract of soybean on CBOT fell as investors booked profits after prices hit an over six-week high of $9.8875 per bushel. The most-active March contract of soybean on the Chicago bourse was at $9.8475 per bushel, down 0.2% from the previous close. Prices of soybean on CBOT rose for the last eight trading days due to concerns over prevailing dry weather in Argentina.
NCDEX soybean hits 3% upper cap on millers’ demand
Soybean contracts on the NCDEX hit the 3% upper circuit because of demand from oil millers. The most active February futures were up 2.9%. Gains in soybean contracts on the CBOT are also seen supporting domestic prices of the oilseed.
NCDEX soybean hits 16-month high tracking spot market.
NCDEX soybean hits 16-month high tracking spot market.
Malaysia CPO hits 3-week low on CBOT soyoil cues
Malaysia CPO hits 3-week low on CBOT soyoil cues
Indore soybean up on lower supply, higher demand
Indore soybean up on lower supply, higher demand
NAFED buys 72,570 tn soybean across Rajasthan, Telangana, and Maharashtra.
NAFED buys 72,570 tn soybean across Rajasthan, Telangana, and Maharashtra.
Egypt soybeans of local origin purchased in a tender.
Egypt soybeans of local origin purchased in a tender.
Indore soybean down as arrivals up ahead of weekend
Prices of soybean fell in Indore, the benchmark wholesale market for the commodity, due to an increase in arrivals ahead of the weekend. Arrivals rose as farmers brought more of their produce to take advantage of current higher prices. The most-active February contract of soybean on NCDEX fell 0.8%.
Argentina to cut soy export taxes over next two years
As Argentine soybean farmers raced to get their crop in the ground last fall, they at least can say they’re facing some potentially lower costs down the road: The administration announced a plan to cut the retentions—export taxes on soybeans—by half a percent monthly. In December the withholdings were at 30% and will end 2018 with a rate of 24%. By December 2019, they will be at 18%.
Russia growers in Primorye region increased the soybean crop by 35%
Primorye farmers harvested more than 380 KMT of soybeans in 2017. According to preliminary estimates, this is up 35% from last year’s crop.
Soybean up in Indore on firm demand, low arrivals
Prices of soybean rose in Indore, the benchmark market for the commodity, due to good demand for the oilseed from crushers and lower arrivals.Prices of the oilseed is likely to rise further in the coming days due to shrinking arrivals. The most active February futures contract of soybean on NCDEX ended up 0.9% from previous close.
China became the top importer of Russian soybean oil
Russia exported 44 KMT of soybean oil in November 2017 that was the largest volume for this month. The shipments gained almost 48% against October and over 84% against November 2016. Overall, 2017/18 export statistics shows a 9% drop year-on-year. So, 114.9 KMT of soybean oil was exported in the first three months of the current season against 126.4 KMT at the same time last marketing year. In the current 2017/18 season, China replaced Algeria as the top importer of Russian soybean oil. Consequently, the Chinese share of the market expanded to 45%, while Algeria’s share shrank to 37%.
Argentine soy planting pushed by drought into mid-January
The drought afflicting Argentina’s soy belt is expected to worsen this week, pushing farmers to risk planting later than usual and raising the risk of frosts later in the season. With an estimated 2.25 million hectares yet to be sown. Rainfall should improve between Jan. 15 and Jan. 20. But until then there will be no important rains.
Soybean prices rise in Indore as arrivals fall
Soybean prices rose in the benchmark market of Indore due to lower arrivals. The February contract was at 3,272 rupees per 100 kg, up 1.7% from the previous close.
Drought in Argentine Impacting Soy Crop, Prices On The Rise
Drought in Argentine Impacting Soy Crop, Prices On The Rise. Rain expected in parts of Argentina in next few days and created some brief sell pressure.