Jul Soybean Closed Lower

NCDEX Jul Soybean closed lower on technical selling by market participants on hope of good sowing progress in coming weeks. Pace of sowing increase last week and now the deficit is only under 4% on year which was 48% in previous week. The area under soybean in the country was at 51.64 lakh ha as of last week, according to data released by the farm ministry. In Madhya Pradesh, area under soybean was at 28 lakh ha, down from 29 lakh ha on year. However, the acreage so far is higher than the normal area for the corresponding period, based on the average of last five years. As per latest report by SOPA, soymeal exports rose 22.5% on year to 136,000 tn. During Oct-Jun, the soymeal exports are estimated at 13.6 lakh tn, against 16.3 lakh tn in the year-ago period. The cabinet raised the minimum support price for soybean by 11.4% to Rs 3,399 per quintal but the futures have been higher than MSP. 

CBOT Nov Soybean futures closed higher due to bargain buying and good exports figures. The Export Inspections report showed soybean shipments of 654,834 MT in the week that ended on July 5, down 22.9% from the previous week but 37.24% more than the same July 4th week last year. Actual May export data shows that 2.991 mt of US soybeans were shipped during the month, more than twice the same month last year. CONAB report showed projected soybean Brazilian production at 118.88 mt, up 830,000 MT from the previous estimate. Bloomberg reports show that China plans to reimburse tariffs amounts to importers who buy US beans IF they are meant for State reserves.

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