May Soybean Recover A Little On Friday

NCDEX May Soybean recover a little on Friday but closed lower for the week tracking weak physical demand and fresh selling by the market participants on expectation of higher oilseed production. As per USDA report, for the next season, production forecast for soybean is pegged at 115 lakh tonnes (lt) compared to 90-95 lt last year by USDA due ot normal monsoon forecast. There is still concern about demand from the feed industry.

CBOT Jul Soybean fell on Friday as no deal was reached in two days of negotiations between the US and China. USDA export sales report indicated 416,259 MT in old crop soybean export sales up 12.1% from last week but down 43.2% from a year ago. Exports during the week of 4/26 totaled 691,239 MT, 55% larger than last week. Pressure came from reports that Chinese buyers are switching to South America for its soybean requirement while U.S. soybean export sales to China have come to a halt. Brazilian soybean production is expected hit 117 million tonnes (mt) for 17/18 according to estimates from INTL FCStone, up 1.1 mt from their April projection. BAGE estimated the soybean crop in Argentina at 61.8% complete, in front of the normal pace of 56.4%.

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