USDA cut its forecast for the sunseed crop in Ukraine

The USDA’s November report presented a raised forecast for Black Sea rapeseed production in the 2017/18 season. In November, the sunseed crop estimate for Ukraine was slashed to 13000 KMT (down 500 KMT). The USDA predicts the Black Sea countries to harvest a total 26900 KMT of this oilseed. The region’s rapeseed production expand due to a larger harvest in Russia, which is to reach 1500 KMT (up 100 KMT). The total rapeseed crop in the Black Sea region is estimated at 4225 KMT. The forecast for Black Sea soybean production was left unchanged at 7785 KMT.

India Soybean futures fall 1%, mustard 0.7%.

Futures contracts of all components in the edible oil basket declined on domestic exchanges as there was no fresh development on the anticipated hike in the import duty on oilseeds The industry had demanded a hike in import duty on edible oils to support the prices of home-grown oilseeds. Soybean on National Commodity and Derivatives Exchange ended around 1% lower because of higher arrivals of fresh crop in key mandis. India’s vegetable oil imports rose around 5% on year to 15.4 million metric tonne in the year-ended October. Palm oil imports rose marginally to 9.3 million metric tonne compared with 8.4 million metric tonne during the previous year.

SOPA says India Oct 1 soybean carryover stock view cut to 1.4 million metric tonne

India’s soybean carry-over stocks estimate as on Oct 1 has been revised lower to 1.39 million metric tonne from 1.59 million metric tonne. Soybean carry-over stocks has been revised lower on fresh export data of soymeal for August, thus updating total exports for Oct to August in 2016-17 to 1.97 million metric tonne. For the new season starting October, soymeal exports were pegged at 67,000 metric tonne as compared to 44,383 metric tonne a year ago. The output of soybean in the 2017-18 (Oct-Sep) is estimated at 9.15 million metric tonne down 16.8% on year.