Jun Soybean Close A Little Lower

Jun Soybean close a little lower for the second consecutive day tracking steady demand in the physical market after it jumped to three weeks high earlier in the week. However, it is trading in a range on expectation of better demand as govt is planning to hike import duties of soft oil – soy oil, rapeoil and sunflower oil. Moreover, diminishing arrivals and good crushing demand from the oil millers are also driving the prices higher. The prices have fallen in April on reports that the soymeal exports have been lower at the start of new financial year. In April, Soybean meal exports drastically reduce to 45,209 t compared to 1.24 lt. As per latest USDA monthly report, production forecast for soybean for India is pegged at 108 lt compared to 90 lt last year due to normal monsoon forecast.

CBOT Jul Soybean futures fell to their lowest in 1-1/2 months on concerned about slowing Chinese demand moving forward. The US and China still stuck in trade negotiations, investors fear the world’s largest purchaser of American soybeans may look elsewhere for supplies. Concerns about Chinese demand for U.S. soybeans amid an ongoing trade spat between the two countries continued to hang over the market. Export sales of old crop soybeans in the week that ended 5/10 totaled 281,850 MT, just short of analysts’ estimates. That was down 20.4% from last week and 12.9% lower than this week in 2017. BAGE trimmed their Argentina production number to 36 MMT, while estimating the crop is 71.1% harvested.

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