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Spot Soybean Steady To Down Amid Lackluster Demand

17 Jul 2017 3:57 pm
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MUMBAI(Commoditiescontrol) –

Soybean:

Soybean in most of the market yards of the country ruled steady whereas plant rates declined amid poor demand from crushers.

Soybean crop prospects for 2017-18 has improved, thanks to the timely rains in last one week over key soybean growing areas of Maharashtra and Madhya Pradesh.

With the monsoon not living up to its promise, the soybean sowing has only reached 60-70 per cent of the arable area.

As of 13 July soybean sowing progress is lower by 11.67 percent at 73.439 lakh hectares over last year as most of the farmers in Madhya Pradesh has shifted to cotton and maize crop whereas in Rajasthan farmers have shifted to Urad crop.

In Maharashtra area of soybean has increased by 45.47 percent to 24.721 lakh hectares.

Now the window for sowing of soybean is closed in most of the areas of Maharashtra whereas in Madhya Pradesh farmers have time till 20th July so sowing progress will come down this week also and market participants are expecting that soybean acreage for 2017-18 will be down by around 10-15 percent over last year.

On one hand acreage of soybean has declined and on the other hand soybean end stock in 2016-17 is likely to be around 20 lakh tonnes which will cover for the shortfall of soybean crop due to less area of 2017-18.    

Soybean arrivals in the country today totaled at 1 lakh bags (90kg each) against 0.90 on previous session.

Good quality Soybean with 10 percent moisture traded in the range of Rs 2,880-2,930/100kg unchanged on previous session. Plant delivery at Madhya Pradesh traded in range of Rs 2,850-2,925/100kg against Rs 2,875-2,930 on previous session whereas Maharashtra plant traded in range of Rs 2,950-3,020/100kg against Rs 2,975-3,025 on previous session.

On derivatives market, most active soybean Aug contract on the National Commodity & Derivatives Exchange Ltd (NCDEX) was down by Rs 18 or 0.60 percent at Rs 2,977/100kg.

Soymeal:

Soymeal price at the benchmark Indore market were steady to trade at Rs 24,700 per tonne amid limited demand from poultry feed manufacturer.

Price of broiler chicken has were steady at Rs 74/kg at the benchmark Delhi market on amid demand.

Indian Soymeal is priced at $406 per tonne FAS Kandla Vs $373 Argentina CIF Rotterdam (July) as of Jul 17, 2017. The difference between the two origin is $33 per tonne up by $2 over previous session.

Soy oil:

Spot refined soy oil at the benchmark Indore market declined by Rs 3 at Rs 635/10kg amid poor demand.

Port stock of Soy oil has increased to 1,45,114 tonnes as of 10th July 2017 vs 1,36,778 on 3rd July so most of the importer’s have slowed down the bulk purchases.

Further wholesale traders also have sufficient stock in their inventory which can meet the near term demand so they have opted to stay away from the market activity.      

In futures market, refined soy oil prices most active August contract on NCDEX was trading down by 0.35 percent lower at Rs 641/10kg.

(By Commoditiescontrol Bureau; +91-22- 40015516)


       
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