NEW DELHI (Commoditiescontrol) -
International Market Recap
CBOT soybean futures gained over 3 precent during the week ended August 17 amid declining crop conditions and news about trade talks with US and China.
The most active soybean November contract for November rose 31 cents or 3.6 percent to USD 8.9275 per bushel.
On Monday, the US Department of Agriculture released its latest crop condition report, saying soybeans rated good or excellent were about one percentage point down from the prior week.
CBOT soybean also extended gains in late week trade over news that China and the United States were preparing for trade talks.
A Chinese delegation led by Vice Minister of Commerce Wang Shouwen will, at the invitation of US side, visit the United States in late August to talk with the US counterpart on bilateral economic and trade issues of their own concern, China's Ministry of Commerce (MOC) announced on Thursday.
China is the top buyer in global soybean market. Hopes among traders and farmers that the two sides work out a formula to avoid further escalation of trade tensions led to the surge of soybean prices.
Meanwhile, China reaffirmed its stance of opposing unilateralism and trade protectionism, and not accepting any forms of unilateral restrictive trade measures.
Additional support came from a crush report which showed US soy processors consumed a record large amount of soybeans in July.
Domestic Market Recap
Soybean prices moved higher at the benchmark Indore market during the week on improved demand in line with an uptrend in international prices.
Soybean prices ruled firm by up to Rs 75 at Rs 3,300-3,425/100kg. While soybean meal quoted unchanged at Rs 28,000 per tonne. Similarly, refined soy oil remained steady at Rs 740/10kg.
As per market expert, bullish cues from international market supported sentiments but rise in acreage capped gains.
Among kharif oilseeds, soybean acreage was up 9.02 percent at 110.72 lakh heactare till August 10 from 101.56 lakh hectare during the same period last year, as per the latest Agriculture Ministry data.
Meanwhile, vegetable oils imports fell 27 percent in July to over 1.1 million tonne (MT) on hike in import duty and rupee depreciation, according to industry data.
The country had imported over 1.5 MT of vegetable oils (comprising both edible and non-edible oils) in the year-ago period, the Solvent Extractors' Association of India (SEA) said in a statement.
"Import of vegetable oils during July 2018 is reported at 11,19,538 tonne compared to 15,24,724 tonne in July 2017... The current revision of import duty in June 2018, fast rupee depreciation and also credit crunch has led to negative growth in imports of vegetable oils," SEA said.
Edible oil imports declined to 1.05 MT in July from 1.48 MT in the same month last year. Out of total imports last month, 52 per cent was palm oil and 42 per cent soft oils like soyabean and sunflower oil.
However, imports of non-edible oils rose to 65,825 tonne from 35,597 tonne during the period under review.
In the first nine months of the current oil year 2017-18 ending October, import of vegetable oils declined 5.5 per cent to 10.76 MT compared to 11.39 MT during the year-ago period.
Edible oil imports fell to 10.45 MT during November 2017-July 2018 period from 11.10 MT in the corresponding period of the 2016-17 oil year. Of total cooking oils import, palm oil shipments contributed 59 percent.
Imports of non-edible oil, however, rose to 3,11,587 tonne in the first nine months of 2017-18 oil year from 2,87,201 tonne in the year-ago period.
India's total demand for edible oils during 2017-18 is estimated at 23 MT. The stock of edible oils as on August 1 at various ports is estimated at 9,28,000 tonne and about 15,47,000 tonne are in pipelines.
On NCDEX, soybean October futures slipped by Rs 12 to Rs 3,370/100kg.
(By Commoditiescontrol Bureau)
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