Soybean

Futures contracts of components in the edible oil basket traded mixed, with refined soyoil and crude palm oil contracts rising marginally on domestic exchanges. Futures contracts of soybean ended nearly 1% lower on the National Commodity and Derivatives Exchange, taking cues from the spot markets where tepid demand from bulk buyers kept prices subdued. Prices of the oilseed had risen in the past sessions on expectations of a hike in import duty on edible oils, which weighed on demand. On the NCDEX, soyoil contracts were up 0.2% from the previous close. Mustard contracts on the NCDEX fell by 0.6% tracking spot markets and due to lacklustre demand from oil millers and mustard meal exporters.

Futures contracts of soybean on CBOT extended gains for the third consecutive day due to concerns that the USDA. The prices on CBOT also rose due to concerns over slow pace of planting in Brazil, the second-largest producer, following heavy rains in central and southern areas and dry conditions in Mato Grosso, the top soybean-growing state. The most-active January contract of soybean on CBOT was at $9.9750 per bushel, up 0.2% from the previous close.

Futures contracts of all components in the edible oil basket, barring crude palm oil, fell on domestic exchanges. After rising in the last two sessions, soybean closed around 1% lower on the National Commodity and Derivatives Exchange due to tepid buying at higher price level. Prices rose on expectations of a hike in import duty on edible oils. Reflecting the trend in soybean, refined soyoil traded 0.4% lower on the NCDEX. Adequate stock of soyoil in domestic markets on the back of huge imports also weighed on sentiment.

The National Agricultural Cooperative Marketing Federation of India procured 16,660 metric tonne kharif soybean under the price support scheme across Rajasthan, Telangana, and Maharashtra. NAFED started procuring soybean as market prices of the commodity fell below the minimum support price of 3,050 rupees per 100 kg, inclusive of a bonus of 200 rupees. Over 9,500 farmers have benefited from the procurement that began in early October.

The United States soybean industry has signed two letters of intent with Chinese importers covering a $5 billion purchase of an additional 12 million tonnes of soybeans in the 2017/18 marketing year. In the first agreement, signed on Nov. 8, it intended to purchase 8 million tonnes of U.S. soybeans worth $3.4 billion. A second agreement signed between grains trader ADM and China’s COFCO for intent to purchase 4 million tonnes of soybeans worth $1.6 billion.

NCDEX Soybean Nov futures close with gains as improved meal exports. India’s soymeal exports during October were at 47,219 metric tonne, up 50% from a year ago. total exports of soyoil meal in the first seven months of the fiscal started April is almost 5 times higher to 5.37 lakh tons compared to 1.07 lakh tons last year. However, soybean is traded at 5 months low prices pressurize by new season arrivals. Last week the prices have improved due to reports that government may hike import duty on edible oil

China commit to buy more U.S. soybeans during President Donald Trump visit to Beijing this week. China is the world biggest soybean importer and the U.S. is its second largest supplier. China imported 5.86m tonnes oilseed drop of 28% from September.

Planting of Brazilian soybeans jumped to 43% of the estimated area since November 2, which is an increase of 13 percentage points compared with 30% in the previous week. Rainfall in the center west region of Brazil allowed planting to get completed faster. However, the Brazilian crop is still considered late. Sowing registered in the same period last year was 53%.

The National Agricultural Cooperative Marketing Federation of India has procured 11,789 metric tonne kharif soybean under the price support scheme from Rajasthan, Telangana, and Maharashtra.

Futures contracts of soybean rose nearly 1% on NCDEX on bargain buying as prices fell over 3% in the last two trading sessions. the most-active December soybean contract was up 0.7% from previous close. Prices had declined in the previous sessions due to rising arrivals in the spot markets.

Futures contracts of items in the edible oil basket, barring mustard, rose on domestic exchanges due to firm demand in spot markets. Soybean closed nearly 1% higher on the National Commodity and Derivatives Exchange, shrugging off losses from previous session, owing to recovery in demand from crushing plants and a surge in exports of soymeal. Bargain buying after prices fell over 3% in the last two trading sessions pushed the prices higher. The decline in prices was due to a rise in arrivals in the spot markets. India’s soymeal exports during October were at 47,219 metric tonne, up 50% on year, data from Solvent Extractors.

Futures contracts of all components of the edible oil basket declined on domestic exchanges. Extending losses from the previous session, soybean on the National Commodity and Derivatives Exchange closed 2.5% lower owing to rising supply of the fresh crop in key markets. Weakness in key contracts on the Chicago Board of Trade also weighed on sentiment on the domestic exchange. Refined soyoil on the NCDEX fell 0.6%, while crude palm oil on the MCX was down nearly 1% due to lukewarm demand and higher imports ahead of an anticipated import duty hike.

USDA has projected Pakistan soybean imports at a record 2.0 million metric tonne in 2017-18 (Apr-Mar), compared with an estimated 1.6 million metric tonne last year. Lower import duty on soybean and higher duty on soymeal are resulting in higher imports of the oilseed in Pakistan. Improved demand from poultry industry and rising consumption of protein-rich food has been escalating imports of soybean, which is crushed to produce soymeal.

Soybean prices in Indore down tracking weakness in CBOT contracts and on expectations of a rise in arrivals in the domestic market. In Madhya Pradesh, arrivals of soybean pegged at around 400,000 bags (1 bag = 100 kg) as against 350,000 bags. Soybean contracts declined because of selling by investors ahead of the global monthly supply-demand report by the US Department of Agriculture.

Shrugging off gains from the previous session, futures contracts of all components of the edible oil basket fell on domestic exchanges. After ending 2.5% higher in the previous session, soybean on the National Commodity and Derivatives Exchange closed 1.2% lower as demand from crushing plants fell at higher prices.

Futures contracts of all components of the edible oil basket rose significantly on domestic exchanges. Soybean on the National Commodity and Derivatives Exchange closed 2.5% higher, bolstered by strong buying at lower price levels by stockists and crushing plants.

Futures contracts of soybean rose for the third straight day on CBOT on concern over a lower-than-expected yield of the US crop. Contracts also extended gains on the back of good demand for US soybean from China. the January contract was at $9.97 per bushel, up 0.6% from the previous close.

Prices of soybean in Indore rose due to a slight increase in buying by crushers. Reports of procurement by the Maharashtra government also lifted the sentiment. Reports that Maharashtra has urged the Centre to levy import duty on soybean and soymeal, and to further increase the duty on edible oil imports, are also seen bolstering the sentiment. The most-active December contract of soybean ended 1.6% higher on the NCDEX.

The National Agricultural Cooperative Marketing Federation of India has procured 6,056 metric tonne of soybean, harvested in the kharif season under the price support scheme, from farmers in Rajasthan, Telangana, and Maharashtra.

The harvesting of oilseeds in Ukraine is entering its final phase. As of October 31, sunseed was harvested from 5614 Th ha (95% of the projected 5939 Th ha) with a crop of 11007 KMT and a yield of 1.96 MT/ha (down 10.5% year-on-year). Soybeans were harvested from 1701 Th ha (up 6.8% year-on-year) out of the projected 1991 Th ha. The crop amounted to 3216 KMT with a yield of 1.89 MT/ha (down 13.7% year-on-year).