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Soyabean NCDEX Market Update News
Soyabean on NCDEX settled down by -1.2% at 2976 as expectations of bumper global supplies amid brighter crop prospects weighed on prices. The U.S. Department of Agriculture said exporters had struck deals to sell 132,000 tonnes of U.S. soybeans to China, the world's top soybean importer. Arrivals are declining in local mandis on easing worries regarding cash crunch and demand is also weak. Supply is declining as farmers are not ready sell the crop due to lower prices. Arrivals across Madhya Pradesh were around 140,000-150,000 bags of 90 kilograms compared to 150,000-160,000 bags of 90 kilograms.
Arrivals across Indore were at 6,000 bags of 90 kilograms compared to 6,500 bags of 90 kilograms. Normal rainfall this year after two consecutive droughts has brought back the expectation of bumper sowing and production of soyabean in India. This comes alongside better supply prospects in Brazil and the US, which has led to soyabean losing almost 25 per cent in the last six months. For 2016-17, USDA has estimated world soyabean production at 338 million tonnes (mt) with 65 per cent of it coming from Brazil and the US. Global consumption is estimated at 330 mt leaving the year-ending stock at 82.85 mt, 7.3 per cent higher than last year.
Arrivals across Indore were at 6,000 bags of 90 kilograms compared to 6,500 bags of 90 kilograms. Normal rainfall this year after two consecutive droughts has brought back the expectation of bumper sowing and production of soyabean in India. This comes alongside better supply prospects in Brazil and the US, which has led to soyabean losing almost 25 per cent in the last six months. For 2016-17, USDA has estimated world soyabean production at 338 million tonnes (mt) with 65 per cent of it coming from Brazil and the US. Global consumption is estimated at 330 mt leaving the year-ending stock at 82.85 mt, 7.3 per cent higher than last year.
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Trading Ideas- Soyabean trading range for the day is 2953-3019.
- The U.S. Department of Agriculture said exporters had struck deals to sell 132,000 tonnes of U.S. soybeans to China.
- NCDEX accredited warehouses soyabean stocks gained by 2893 tonnes to 134032 tonnes.
- At the Indore spot market in top producer MP, soybean gained 2 rupee to 2990 rupee per 100 kgs.
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