Soybean Jumps More Than 2%

NCDEX Jun Soybean jumps more than 2% to Rs. 3,580 per quintal from its lower levels as government is planning to hike import duties of soft oil – soy oil, rapeoil and sunflower oil within a weeks’ time. However, the prices have corrected and closed slightly higher at 3,528 levels on reports of higher acreage for next season on forecast of normal rains. The Soybean Processors Association of India predicted 14% increase in soybean cultivation area in the country.

The soybean futures closed lower for 3 rd consecutive month in May. As per USDA monthly report, production forecast for soybean in India is pegged at 108 lakh tonnes (lt) compared to 90 lt last year due to normal monsoon forecast. The government is likely to raise the incentive under Merchandise Exports from India Scheme on soymeal to 10% of free-on-board value from the current 7%.

CBOT Jul Soybean futures closed mixed Tuesday on favorable U.S. crop conditions and trade tensions of China-US. NASS reported US soybean planting progress at 87% complete, well ahead of the average at 75%. The crop was 68% emerged as of Sunday, with the typical pace at 52%. Buyers were hesitant on uncertainty form the US-China trade front. Export Inspections of soybeans totaled 557,733 MT during the last full week of May which is lower than the previous week but was 93.59% above the same time in 2017.

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