Soybean Jun Futures Fell More Than 2.2%

Soybean Jun futures fell more than 2.2% during last week tracking international market and sufficient supplies in the domestic market. 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 lower for the week on expectation of good planting season in the US. Informa raised its forecast of U.S. 2017 soybean plantings to 89.662 million acres, above the USDA's March figure of 89.5 million acres. Soybeans were pressured by rising estimates of South America's harvest. Brazil's statistics agency Conab raised its estimate of the country's 2016- 17 crop to a record of 113 mt, from 110.2 million last month.US weekly export data ending 4th May shows, net sales of 381,400 MT for 2016/2017 were down 4% from the prior 4-week average

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