Jul Soybean Edged Higher On Monday

NCDEX Jul Soybean edged higher on Monday tracking firm demand in spot market and reports of good meal exports in June. 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. The area under soybean in the country was at 51.64 lakh ha as of last week, down 3.8% from a year ago, according to data released by the farm ministry. Area under soybean in MP is down by 64% while in acreage is down in Maharashtra by 49% and Rajasthan 28%. In Madhya Pradesh, area under soybean was at 205,000 ha, significantly lower than 569,000 ha sown in the year-ago period. Moreover, China may cut its import tariff on soybeans from India, South Korea, and Bangladesh.

CBOT Nov Soybean futures edged higher on Monday reports of good exports and bargain buying as US-China trade war was already factor into the prices. 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 MMT of US soybeans were shipped during the month, more than twice the same month last year. Bloomberg reports show that China plans to reimburse tariffs amounts to importers who buy US beans IF they are meant for State reserves. The Crop Progress report indicated that 47% of the US soybean crop was blooming vs. the average at 27%, with 11% setting pods.

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