Soybean Closed Little Higher On Monday

NCDEX May Soybean closed little higher on Monday but traded mostly sideways on reports that the soymeal exports have been lower during April. In April, Soybean meal exports drastically reduce to 45,209 tonns compared to 1,24,374 tonnes. Moreover, weak physical demand and expectation of higher oilseed production next season also keeping prices in a range. 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 closed lower Monday, following weakness in soymeal prices and slack export figures. Soymeal tumbled as weaker Brazilian cash soy values eased concerns about a crop shortfall in Argentina, the world's top soymeal supplier. The USDA indicated that 533,667 MT of soybeans were shipped for the week that ended 5/3. That was down 22.89% from a week ago but 43.79% larger than this time last year. Soybean planting progress was indicated at 15% complete by the USDA this afternoon. That was 10% more than last week and is now ahead of the average pace by 2%.

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