Soybean

Futures contracts of soybean traded higher on the CBOT tracking key crude palm oil contracts on Bursa Malaysia Derivatives. Prices of soybean and crude palm oil usually move in tandem as they are used in the production of bio-diesel. Poor condition of the soybean crop in the US, the world largest grower, due to dry weather also boosted prices on the Chicago bourse. The August soybean contract on CBOT traded at $9.9650 per bushel, up 0.8% from the previous close.

Soybean was down in Indore tracking overnight fall in prices on the CBOT. However, sharp fall in the prices was restricted due to lower arrivals of the oilseed amid heavy rains in Madhya Pradesh. Soybean August contract on the CBOT ended 16 cents down at $9.8150 per bushel because of favourable weather in the US Midwest. Futures contracts of soybean on the NCDEX were down 0.3%.

Adani Wilmar Ltd took delivery of 15,000 tonne soybean on the National Commodity and Derivatives Exchange under the June contract. At 4,140 tonne, Sunrise Broking Pvt Ltd made the highest delivery of soybean to the exchange. Olam Agro India Pvt Ltd took delivery of 4,690 tonne of the same-month contract of mustard seed, while the largest delivery of the oilseed was made by ITC Ltd at 6,330 tonne. Inditrade Business Consultants Ltd took delivery of 4,500 tonne castor seed, while Kashmeen Commodities Pvt Ltd delivered 2,980 tonne of the commodity.

Soybean futures on CBOT were higher as investors covered short positions after prices fell for three straight trading days. The most active November contract on CBOT was at $9.9675 per bushel, up 0.4% from the previous close.

Futures contracts of soybean staged a rebound on the CBOT and traded nearly 1% higher on reports of the crop condition worsening in the US. Prices have risen as the USDA recently said around 43% of the sown soybean crop was in poor condition due to dry weather. The August soybean contract on CBOT traded at $10.0550 per bushel, up 0.8% from the previous close.

Soybean prices in the benchmark market of Indore rose due to slow progress of kharif sowing in Madhya Pradesh. Lower prices of the oilseed in domestic markets also led to fall in acreage, as farmers opted to plant more profitable crops such as cotton. In line with spot markets, futures contracts of soybean on the NCDEX also traded 1.2% higher.

IMD Agrimet has recommended farmers in Madhya Pradesh to re-sow soybean in those patches of fields where either yield is seen poor or seeds have not germinated. Erratic weather in the state is affecting the proper growth of the oilseed plant.

Futures contracts of soybean were down on the CBOT as weather in the US turned favourable for the crop. The heat wave that was expected to hit the crop in the soybean-growing Midwest region in the US has moved towards the northern part of the country. August soybean contract on CBOT was at $9.92 per bushel, down 1.7% from the previous close.

Futures contracts of soybean on the NCDEX were down, as investors booked profits after prices hit a four-month high of 3,027 rupees per 100 kg in early trade. The most active August contract of soybean on the NCDEX was down 0.5% from the previous close. A 1,030-tonne decline in open interest at 69,500 tonne in the contract indicated profit booking.

Futures contracts of all constituents in the edible oil basket, barring crude palm oil, traded lower on domestic exchanges. Extending weakness from the previous session, contracts of soybean closed around 0.2% lower on the NCDEX tailing losses in key contracts on CBOT. Futures contracts of soybean on the US exchange traded 0.5% lower as traders covered their profits after prices were higher in past few sessions due to crop concerns. The most-active August soybean contract traded at $10.0625 a bushel on the CBOT, down 0.7% from the previous close.

Indian soybean futures fell, as high rainfall in key planting areas raised the possibility of higher supply. The key soybean planting states of Madhya Pradesh, which accounts for about 60 percent of the country soybean production, and Rajasthan, which accounts for about 27 percent, recorded excess rainfall over the week ended July 19. August soybean futures closed 1 percent lower on NCDEX. Soyoil futures were down 1.1 percent. Rapeseed futures ended 1 percent lower at 3,668 rupees.

NCDEX has marked 3,330 tonne of soybean for staggered delivery in the July contract. Staggered delivery is used to check any artificial rise in prices. Under this mechanism, sellers can indicate intention of delivery to the exchange during the tender period, currently a 10-day span before the contract expires. The bourse has also marked 1,090 tonne of maize, 970 tonne of wheat, 610 tonne of mustard seed, 540 tonne of barley, 460 tonne of guar seed, 280 tonne of castor seed, 69 tonne of jeera, 30 tonne of guar gum, 10 tonne of cottonseed oilcake, and 5 tonne of turmeric for staggered delivery in the July contract.

Futures contracts of soybean fell nearly 1% on the NCDEX, taking cues from weakness in major spot markets. The most active August contract of soybean on the NCDEX was down 0.8% from the previous close. The October contract was also trading 0.2% lower. Prices fell in major spot markets after sufficient rainfall in Madhya Pradesh this week boosted prospects of improved sowing in the state.

Seven Chinese soybean buyers signed agreements here last week to buy 12.5 million metric tons (460 million bushels) of 2017-2018 U.S. soybeans, the second-largest deal after the 2015 agreement.

Futures contracts of soybean on the CBOT extended previous session gains and traded 0.5% higher due to low soil moisture and prevailing hot weather in the US. The unfavourable weather may hit the growth and resultant yield of the plant. Around 40% of the soybean crop in the country is in poor condition. The most active August soybean contract traded at $9.9450 a bushel on the CBOT up 0.5% from the previous close.

NCDEX has marked 4,540 tonne of soybean for staggered delivery in the July contract, which expire Thursday. The bourse has also marked 780 tonne of castor seed, 550 tonne of wheat, 415 tonne of guar gum, 310 tonne of mustard seed, 240 tonne of cottonseed oilcake, 171 tonne of jeera, 100 tonne of guar seed and 20 tonne of mustard oilcake for staggered delivery in the July contract. Staggered delivery is used to check any artificial rise in prices. Under this mechanism, sellers can indicate intention of delivery to the exchange during the tender period, currently a 10-day span before the contract expires.

Futures contracts of soybean fell on CBOT due to the recent favourable rains in key growing areas in the US, the world largest grower. Rains help in growth of the plant and may boost the yield of the crop. Forecast of favourable weather in the coming days also weighed on sentiment. The most-active August contract in electronic trade on CBOT traded at $9.8300 per bushel, down 0.6% from the previous close.

The NCDEX has marked 3,450 tonne of soybean for staggered delivery in the July contract, which will expire next Thursday. Staggered delivery is used to check any artificial rise in prices. Under this mechanism, sellers can indicate intention of delivery to the exchange during the tender period, currently a 10-day span before the contract expires.

Futures contracts of soybean fell over 1% on the NCDEX, taking cues from a fall in prices in major spot markets. The most-active August contract of soybean was down 1.3% from the previous close. The current month contract also traded 1.2% lower. With the southwest monsoon reviving over Madhya Pradesh, expectations of improved sowing in the coming days have pulled down prices in the state.

Soybean contracts fell on the CBOT due to an USDA report which was upbeat on the global soybean output in 2017-18. The most-active August contract in the electronic trade on the CBOT traded at 10.0350 per bushel, down 1.8% from the previous close. The US agency has raised its estimate for global production of soybean in 2017-18 to 345.09 million tonne, up 420,000 tonne from its projection in June.