Soybean Closed Higher On Monday



NCDEX Jul Soybean closed higher on Monday tracking good physical demand due to anticipation of higher domestic 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 till last week due to reports of higher acreage for next season and forecast of normal rains along with lower meal exports data from both SEA and SOPA is weighing on prices this month.

Soybean acreage till last week is 56% higher than at 50,000 ha as compared to the last year acreage according to farm ministry report. 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 futures closed higher on Monday mainly due to bargain buying after it dropped to a one-year low on Friday as China slaps tariffs on US soybeans. U.S. soybeans are set to lose market share in China, the biggest bean importer, as trade tensions escalate between the two nations.

Export inspections in the week that ended 6/14 were reported at 818,396 MT by the USDA this morning. That is 21.13% larger than the previous week and more than 180% above the same time last year. Total shipments YTD are 7% behind this time a year ago at 48.307 MMT (1.775 bbu). Soybean planting progress was reported at 97% complete, with emergence at 90%, both well ahead of normal pace.

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