Soybean Jun Futures Continue Its Downtrend On Monday

Soybean Jun futures continue its downtrend on Monday on reports of lower demand as 60% of soybean mills in Madhya Pradesh reported to have shut down because of subdued demand for soymeal and lower prices of soyoil. As per USDA latest report, soybean production in the country is kept at the same level at 115 mt as last year while the crushing volume will be improved while meal exports and soy oil imports will be higher in 2017/18 compared to last year. However, IMD forecast for higher monsoon than previous forecast in April may keep the prices sideways.

CBOT soybean futures edged higher on Monday, rebounding from a two-week low touched in the previous session, although forecasts for ample global supplies kept the gains in check. Forecasts for dry weather across key U.S. growing regions should allow farmers to finish sowing. Soybeans were pressured by rising estimates of South America's harvest. Conab raised its estimate for Brazil’s 2016-17 crop to a record of 113 mt, from 110.2 mt last month. USDA reports 32% of the soybean crop planted as of Sunday. However, last year it was planted about 34%.

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