Jul Soybean Edged Lower For The Third Consecutive Session



NCDEX Jul Soybean edged lower for the third consecutive session on Monday and trading mostly sideways on steady physical demand and sufficient stocks with the traders. There is expectation improved demand from the oil mills due to higher crushing of soybean after government increase customs duty on crude as well as refine soy oil to 35% and 45% respectively. However, prices have been under pressure on forecast of normal rains and lower meal exports data from both SEA and SOPA is weighing on prices this month. The area under soybean in the country was at 212,400 ha as of last week, down 59% from a year ago, according to data released by the farm ministry. Bangladesh, one of the largest importers of soymeal from India, reduced the import duty to nil which may result into tough competition for the country from South American peers in soymeal exports to Bangladesh.

CBOT Jul Soybean fell more than 2% on concern on U.S.-China trade tensions and crop-friendly weather in the Midwest United Prices were down 14.57% this month on pressure came from continued trade uncertainty and weather. Export inspections of soybeans in the week of June 21 totaled 514,214 MT. That was a drop of 37.17% from the previous week, but is 56.47% larger than the same week in 2017. Managed money speculators cut 25,671 contracts off their net long position in soybean futures and options in the week 6/19, to flip to a net short position of -12,801 contracts. The EPA reportedly plans to increase biofuels blending mandate by 3% in 2019 to 19.88 billion gallons. Biodiesel is targeted at 2.43 billion gallons, up 330 million gallons.


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