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NCDEX Soybean Traded Flat on Lack of Strong Fundamentals

24 Apr 2019 5:34 pm
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Mumbai (Commoditiescontrol) – NCDEX soybean futures witnessed flat trade during today’s session on lack of any strong fundamentals at domestic front. Short coverings at lower levels also supported the trend. At the end, benchmark May’19 contract after making intraday low at INR 3704, finally settled at INR 3731 per quintal, up by 3 points compared to previous session.

The total volume in benchmark May’19 contract down at 23800 vs. 24390 tons and the OI was at 115310 lots Vs. 121230 lots.

Prices for soybean in Indore market were high at 3855 (vs. 3844 during previous session) per quintal and the meal prices were observed close to INR 32017 vs. 32000 per ton observed during last session.

As per market sources, farmers have started the preparation for the sowing of Kharif crop. Lured by the better price realization in the last few months, cotton farmers in India are planning to switch to soybean and maize farming during next season. Even though IMD predicted for normal rainfall this year, the exact crop acreage would depend on the actual rainfall distribution. Moreover, in case of lower rainfall, as is expected by most of analyst due to El-Nino declaration this year, soybean yield along with other Kharif crop shall stay low which in turn shall support the overall prices in medium term.

At global front, CBOT Soybean prices fell nearly 2% Tuesday, as worries over low Chinese imports persist while U.S.-China trade negotiations continue to make sluggish progress. Further, USDA reports that 1% of the 2019 U.S. soybean crop has been planted as of April 21, versus analyst expectations of 2% and the prior five-year average (also at 2%). Only five of the top 18 production states have measurable progress so far, led by southern states Mississippi (16%) and Louisiana (16%).

Looking at the short-term view, Indian soybean prices are likely to remain rangebound on lack of any strong fresh fundamentals and market shall continue to follow global market trend.

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