Soybean

Prices of soybean in Madhya Pradesh benchmark market of Indore continued to fall because of rising arrivals of the oilseed. The most active December contract of soybean on the NCDEX was down 0.3% from the previous close. Arrivals of soybean are increasing as farmers want to raise cash to sow rabi crops.

Maharashtra has decided to procure 100,000 metric tonne of soybean from farmers in the state following reports of unrest among growers about depressed prices of the oilseed across the country. The move follows National Agricultural Cooperative Marketing Federation decision to procure a similar quantity of soybean from farmers. Prices are hovering 20-25% below the minimum support price of 3,050 rupees per 100 kg.

Futures contracts of soybean were up on CBOT as the USDA has estimated an on-month fall in global soybean production in October. The most active January contract of soybean on the CBOT was at $9.86 per bushel, up 0.3% from the previous close. global soybean production in October is seen falling to 347.88 million metric tonne, against 348.44 million metric tonne in September. Prices also rose because of concerns over delayed planting in Brazil and Argentina due to dry weather conditions.

The November futures contracts of soybean on NCDEX hit a four-month low due to heavy supply in the key wholesale markets of the country as the harvest draws to a close. December contract of soybean on NCDEX was down 0.5% from previous close.

Madhya Pradesh expects its 2017-18 (Jul-Jun) soybean output to fall 1.9% to 6.94 million metric tonne. A fall in area resulted in lower soybean crop in Madhya Pradesh this year. Area under soybean is pegged at 5.01 million ha this year lower than 5.40 million ha in 2016-17. The state expect soybean yield to rise to 1,385 kg per ha, from 1,310 kg last year.

Futures contracts of soybean rose on CBOT due to concerns over delay in planting in Brazil and Argentina. The delay has been caused due to prevailing dry weather in the region. Brazil and Argentina are the world’s second and third largest producers of soybean, respectively, after the US. The most-active January contract of soybean on the CBOT was at $9.92 per bushel, up 0.6% from the previous close.

Futures contracts of the components of edible oil basket, barring crude palm oil, fell on domestic exchanges due to lacklustre demand in spot markets. Favourable weather for soybean harvest in Madhya Pradesh and Maharashtra, the top growers, weighed on sentiments.

Futures contracts of soybean on NCDEX extended losses for the third consecutive day, due to a rise in arrivals in major spot markets. The most-active November contract of soybean on NCDEX was down 0.6% from the previous close. The December contract of soybean also traded 0.6% lower. Favourable weather conditions for soybean harvesting in Madhya Pradesh and Maharashtra also contributed to the fall in prices.

Soybean futures finished trade with 3 to 4 cent gains in most contracts. November 17 Soybeans closed at $9.75 1/4, up 4 cents. US export sale of 238,000 MT of soybeans for 17/18 delivery to China.

A protein shortfall in this year U.S. soybean crop has forced processors to cut the amount of the nutrient, prompting concerns that animal feed costs and meat prices could rise. Adverse crop weather this summer likely dragged down the protein content of soybeans, prompting concern that the soymeal produced at crushing facilities will be light on protein and other key nutrients. High-protein soymeal that typically is sold with 47.5 to 48 percent protein is being offered at 46.5 or 47 percent instead.

The National Agricultural Cooperative Marketing Federation of India has procured 2,317 metric tonne of soybean harvested in the kharif season under the price support scheme from farmers in Rajasthan, Telangana, and Maharashtra. NAFED begun procurement operations after market prices fell below the minimum support price of 3,050 rupees per 100 kg.

Futures contracts of the most components of the edible oil basket, barring mustard, traded higher on domestic exchanges due to firm demand in spot markets. After plunging to an over-three-month low, soybean on the National Commodity and Derivatives Exchange closed a tad up due to a pick-up in demand.

Futures contracts of crude palm oil ended higher on the Bursa Malaysia Derivatives, tracking gains in soyoil contracts on the CBOT. The contracts ended higher for the second straight day due to an on-month rise in Malaysia’s palm oil exports during Oct 1-25. A strong ringgit against the dollar, however, capped the gains. The most-active January contract of crude palm oil on the Malaysian bourse hit an over one-month high of 2,816 ringgits (43,108 rupees) per metric tonne.

Futures contracts of soybean on the NCDEX hit an over-three-month low of 2,816 rupees per 100 kg as arrivals rose in major spot markets.

Futures contracts of soybean on NCDEX hit a two-week low of 2,846 rupees per 100 kg due to increased new crop arrivals in key wholesale markets

Futures contracts of soybean were up on the CBOT as investors covered their short positions after the contracts hit a near two-week low of $9.7275 per bushel. The contracts fell after the USDA, in its weekly crop progress and conditions report said as of Oct 22, 70% of the US soybean crop across select states was harvested, compared with 49% a week ago. The most-active November contract of soybean on the CBOT was at $9.83 per bushel, up 0.8% from the previous close.

Soybean prices in Indore, Madhya Pradesh were down as arrivals of the oilseed in the state rose. Expectations of rise in the arrivals in the coming days are also seen weighing on the sentiment. The most active November soybean contract was slightly up 5 rupees from the previous close.

Futures contracts of soybean fell over 1% on the NCDEX tracking a rise in supplies in the spot markets. the most active November soybean contract was down 1.1% from the previous close. In spot markets, however, prices were largely unchanged as strong demand from stockists offset the impact of a rise in arrivals.

Soybean planting reached 20% of the area forecast for the 2017/2018 harvest. Last year, planting was 29% in this period and 19% in the average of five years. The 2017/2018 Brazilian soybean planting season is being described as very variable. While in the southern region of Brazil it is raining, and the farmers accelerate planting, the Central-West region is suffering from irregular rainfall. The unfavorable climate already threatens to damage the second corn crop.

Farmers have harvested 70% of the US soybean crop. Putting the harvest 3 percentage points behind the five-year average for this point in the year.