SOYBEAN Review: 09.09.2016
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In Indian bourse, soybean prices opened on a lower note and traded on appositive bias for most part of the trading session.
It closed higher on expectation of resumption in demand from oil millers and crushing units as crush margins are recovering at the prevailing prices.
In Indore around 2800-3000 bags were reported with spot prices hovering in the range of Rs 3150-3290/quintal
As per Agriculture ministry till 2nd Sep ’16 around 112.28 lakh ha are under soybean cultivation compared to 115.35 last year.
The Soybean Processors Association of India has said that the export of soybean meal and its other value-added products during August 2016 is just 10,615 tonnes compared to 31,157 tonnes in April-August last year, registering a fall of 66%.
In CBOT, soybean futures yesterday closed flat as higher yield expectation restricted gains in the prices.
According to USDA weekly crop progress report, around 73% of the crops are in good to excellent conditions same compared to last week. However, it is higher than of last year.
China imported 7.67 million tonnes of soybeans in August, Down 1.2 %t from 7.76 million tonnes in July, figures from The General Administration of Customs of China
In CBOT, soybean is now trading at 974.25 cents/bushel down by 0.26%
Outlook:
For today, soybean futures may trade on a negative note reflecting the weaker fundamentals at the spot market. The expectation of a bigger harvest amid not subdued soymeal exports are likely to weigh on the prices. In CBOT, soybean futures may trade on a negative bias as expectation of higher
yields is likely to weigh on the prices. Moreover, the weekly crop conditions reports were also favourable and were better than last years’ and prior- 5 year average. However, wetter conditions in
some of the key growing regions of Mid West US may delay harvesting restricting any major decline in the near term.
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In Indian bourse, soybean prices opened on a lower note and traded on appositive bias for most part of the trading session.
It closed higher on expectation of resumption in demand from oil millers and crushing units as crush margins are recovering at the prevailing prices.
In Indore around 2800-3000 bags were reported with spot prices hovering in the range of Rs 3150-3290/quintal
As per Agriculture ministry till 2nd Sep ’16 around 112.28 lakh ha are under soybean cultivation compared to 115.35 last year.
The Soybean Processors Association of India has said that the export of soybean meal and its other value-added products during August 2016 is just 10,615 tonnes compared to 31,157 tonnes in April-August last year, registering a fall of 66%.
In CBOT, soybean futures yesterday closed flat as higher yield expectation restricted gains in the prices.
According to USDA weekly crop progress report, around 73% of the crops are in good to excellent conditions same compared to last week. However, it is higher than of last year.
China imported 7.67 million tonnes of soybeans in August, Down 1.2 %t from 7.76 million tonnes in July, figures from The General Administration of Customs of China
In CBOT, soybean is now trading at 974.25 cents/bushel down by 0.26%
Outlook:
For today, soybean futures may trade on a negative note reflecting the weaker fundamentals at the spot market. The expectation of a bigger harvest amid not subdued soymeal exports are likely to weigh on the prices. In CBOT, soybean futures may trade on a negative bias as expectation of higher
yields is likely to weigh on the prices. Moreover, the weekly crop conditions reports were also favourable and were better than last years’ and prior- 5 year average. However, wetter conditions in
some of the key growing regions of Mid West US may delay harvesting restricting any major decline in the near term.
