Soybean Edged Lower For The Second

NCDEX Jul Soybean edged lower for the second consecutive day on Wednesday due to technical corrections and weak spot demand. 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 8.59 lakh ha as of last week, down 44.1% 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.

US markets were closed on Wednesday due to Independence Day holiday. CBOT Nov Soybean continues to trade lower on strong U.S. crop prospects and worries about exports to China. Buyers are hesitant ahead of the July 6 tariff deadline. Actual exports have been better than normal the past several weeks, as buyers other than China are shifting to cheaper US beans. USDA Export inspections showed a strong 849,204 MMT of exports for the week ended June 28 up by a 332,000 MT in exports compared to last week, and 3 times as large as the same week in 2017. Planted soybean acres for 2018 are seen at 89.554 million acres by the USDA, up 575,000 acres higher compared to March, but 585,000 lower than the final planted acre number last year. Despite truckers strike in Brazil throughout early June, trade ministry data showed June soybean exports at 10.42 mt, 13.26% up from last year, but down 15.63% from May.

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