Soybean

NCDEX soybean down for 5th day on new crop arrivals.

CBOT soybean up as rains delay harvest in US.

Soybean contracts on the NCDEX declined for the fifth consecutive trading day, as spot prices fell due to a pick-up in arrivals of the new crop. Arrivals of the new crop in spot markets of Madhya Pradesh pegged at 100,000-125,000 bags (1 bag = 100 kg), up from 90,000 bags on oct 04.

Futures contracts of soybean rose on the CBOT due to delay in harvest in the US following heavy rainfall in the Midwest which is the a key soybean-growing region. Prices up for the second day also because investors continued to cover short positions after contracts hit a three-week low.

Telangana govt urges Centre to begin 2017-18 soybean procurement.

CBOT soybean up on short covering.

India should allow GMO to boost lagging soybean yields, US says.

Prices of soybean in the key wholesale market of Indore largely unchanged due to subdued trade. Trade subdued due to weak demand. Demand is currently low due to poor quality of most arrivals. Prices fell around 50 rupees last week due to persistent poor demand.

Canada bulk soybean down from 2016.

Telangana government has asked the Centre to begin procurement of soybean grown in the 2017-18 (Jul-Jun) kharif season at the minimum support price to prop up the falling prices in the physical markets. The average yield of the crop is also seen rising this year due to favourable weather.

Futures contracts of soybean marginally up on the CBOT as investors covered their short positions. Contracts fell earlier due to improved sowing operations in Brazil.

For India to increase production, it should allow the use of innovative technologies, including GMO. Despite its lofty position in the global rankings, India produces barely a tenth of America’s output of 120m tonnes [of soybean crop], despite a considerably higher population that mainly purchases vegetarian ingredients, and a massive feed market. As a result the country must find ways to boost production and supply.

The Canadian Grain Commission (CGC) reports 34,500 metric tons (MT) soybeans were loaded for export through licensed facilities which are required to report to it all grain movement in August, compared to 59,300 MT the same month last year. Of bulk soybeans loaded to for export during the month, 26,700 MT went through Vancouver terminals; 3,300 MT were shipped direct from Prairie elevators; and 4,500 MT were shipped through Bay and Lake ports in eastern Canada. Reviewing shipments by destination for the month, the CGC said 26,700 MT of No 2 Canada soybeans were shipped to China; 4,500 MT of No 2 Canada to Ireland; and 3,300 MT of other grades to the United States.

Indore soybean prices unchanged on subdued trade.

Futures contracts of soybean fell over 1% on NCDEX due to improved weather prospects, analysts said. Clear weather is helpful for ongoing harvesting and post harvesting operations of soybean in key growing areas of Madhya Pradesh and Maharashtra. Improved weather indicates lower damage to the crop during harvest, which is seen weighing on prices.

Futures contracts of soybean on the CBOT fell on improved sowing operations in Brazil, supported by favourable weather conditions. Sentiment for soybean is likely to remain bearish in the near-term due to accelerating harvesting activities in major growing regions of the US.

CBOT soybean futures dropped for a second session, falling to their lowest in almost three weeks amid reports of strong yields from an advancing U.S. harvest.

Agrimet says soybean crop in Malwa ready for harvest.

Soybean ends 1.5% dn on weak spot buying, CBOT cues.

NCDEX soybean down on favourable weather prospects.