Soyabean On NCDEX Settled Up By 1.51% At 2832

Soyabean on NCDEX settled up by 1.51% at 2832 on profit booking after prices gained on anticipation that farmers may shift out of soybean this season and go for other kharif crops. The prices were under pressure all season on higher arrivals and bumper crop with the farmers. As per the government weekly sowing data, area under soybean crop across the country for the 2017-18 kharif was at 26,900 ha till last week, up 16.5% on year.

However, reports of increase in Minimum Support Prices (MSP) for soybean by Rs. 175 per quintal to Rs. 2,950 per quintal may support prices. As per data, arrivals of soybean during last week down by 50% to 21,680 tonnes as compared to 43,859 tonnes in the previous week. As per USDA report, US soybeans are 92% planted vs 83% wk ago (87 pct 5-yr avg).

As per USDA, 2016/17 world ending stocks are estimated at 93.2 mt, up 3.11 mt from the May projection. The 2017/18 world ending stocks are shown as rising 3.41 mt to 92.22 mt. Informa Economics updated their 2017 soybean planted acres estimate to 89.362 million acres, down slightly from May’s number of 89.7 million acres.

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