Soybean

CBOT soybean down on improved sowing in Brazil.

IMD’s Agrimet division has advised farmers to harvest the soybean crop after physiological maturity in the Malwa plateau region in Madhya Pradesh. Eight districts, including Indore, fall under the Malwa region. Agrimet has also advised farmers not to burn the crop residue and prepare the field for sowing of gram crop. Soybean acreage in Madhya Pradesh, the largest producer in the country, this kharif season was at 5 mln ha, down 7.2% on year

Soybean futures dropped as U.S. harvest weighs.

The futures contracts of the edible oil basket traded mixed on the domestic exchanges with soybean and mustard falling while refined soyoil and crude palm oil rise. Futures contracts of soybean on the NCDEX closed 1.5% lower due to increased arrivals of fresh crop and tepid offtake from oil millers

Maharashtra to finalise schedule for soybean procurement on Oct 03.

Govt approves procurement of soybean in Maharashtra, Rajasthan.

India soybean down 1% on low spot demand, CBOT cues.

The farm ministry officials of Maharashtra will on 3 october finalise the schedule to procure soybean. The move comes after the Central government last week gave approval to the state government’s proposal to procure 100,000 tn soybean at the minimum support price.

Centre has approved Maharashtra and Rajasthan governments proposal for procurement of soybean grown in the 2017-18 (Jul-Jun) kharif season. The central government has given approval for procurement of 100,000 tn soybean from farmers in Maharashtra and 150,000 tn of the oilseed from Rajasthan at MSP. The move comes as prices of the oilseed have fallen below the minimum support price in key markets. Prices may decline further with arrivals seen rising October onwards.

The futures contracts of all components of the edible oil basket fell on the domestic exchanges due to tepid buying in spot markets and low trade ahead of the extended weekend. Futures contracts of soybean on the National Commodity and Derivatives Exchange closed nearly 1% lower due to subdued purchases in the wholesale markets

Futures contracts of most of the components of the edible oil basket, barring crude palm oil, fell on the domestic exchanges tailing losses in international markets. Prices on the international exchange fell due to likely rise in yields of soybean in the US. Increased arrivals of the new crop in the domestic market amid favourable weather also pushed prices down. Taking cues from soybean, refined soyoil on the NCDEX fell because of subdued purchases in the wholesale markets amid huge availability following higher imports.

Prices of soybean in the benchmark market of Indore, Madhya Pradesh were down due to an increase in the new crop arrival. However, good demand because of festival season has prevented prices from falling further. Prices are likely to fall in the coming months, as arrivals pick up pace. Futures contracts of soybean on the NCDEX also fell tracking losses in spot markets. The most active November contract of soybean ended down 0.7% from the previous close.

Futures contracts of all edible oils, excluding soybean, rose on domestic exchanges, due to improved demand in physical markets. Extending losses from the previous session, soybean futures on the National Commodity and Derivatives Exchange ended around 1% lower due to increasing arrivals in key markets. Increased pace of harvests in the US, the world’s largest soybean grower, also dented sentiments.

NCDEX soybean down 1% on improved weather prospects.

Futures contracts of soybean on the NCDEX fell over 1% due to improved weather forecast in major growing areas in coming days. Soybean futures hit a three-week high on reports of crop damage due to rainfall in Madhya Pradesh. Clear skies in key growing areas have erased worries of further crop damage. Arrivals of soybean in Madhya Pradesh estimated at 70,000-80,000 bags (1 bag = 100 kg), higher than 40,000 bags on Saturday.

Indore refined soyoil falls as soy arrivals seen up.

Prices of refined soyoil fell in Indore as new crop arrivals of soybean are expected to increase in the coming days. Subdued demand in the local market, along with weakness in soyoil contracts on CBOT is seen weighing on prices. New crop arrivals of soybean in Madhya Pradesh, estimated at 10,000 bags as compared with 4,000 bags on Saturday and are estimated to increase in the coming days.

Demand for soyabean as food and animal feed is rising in India.

If India wants to increase production of soyabean to meet domestic demand, it should allow use of innovative technologies, including genetically modified organism or GMO or allow imports from global market. The existing processing capacity can be utilised by importing oilseed and highlighted that India’s neighbour like Bangladesh is buying from overseas market. India is fifth largest producer of soyabean in the world with production of around 10-12 million tonnes, while the US at the top with 120 million tonnes output.

Soybean futures fall on Brazilian rain.