Day: May 23, 2018

Soybean futures saw 8 to 9 1/2 cent gains in most contracts. Soymeal were up $3.20/ton, with front month soy oil 19 points higher. A report late on Wednesday showed that a Chinese importer purchased a cargo of US soybeans for shipment in August. The average trade guess for old crop soybean export sales is for net reductions of 200,000 to sales of 400,000 MT. That comes after the USDA earlier reported private exporters canceling a large chunk of old crop sales in the daily reporting system. New crop sales are seen at 200,000-400,000 MT. Soy meal sales are expected at 100,000-500,000 MT, with soy oil at 8,000-30,000 MT. Ports in Argentina will be shut down on Thursday due to a strike by workers demanding better conditions and wages.

Soybean contracts on the NCDEX were slightly up because of lower arrivals in the spot market and tracking gains in bellwether contracts on the CBOT. The most-active June contract on the NCDEX was up 12 rupees. Arrivals of soybean in Madhya Pradesh, the key market for the oilseed were down. Soybean in Indore, the benchmark market for the oilseed, it was selling at 3,750 rupees per 100 kg, up 5-10 rupees from previous day.

The July futures contract of soybean hit a three-week high of $10.3575 a bushel on the CBOT as US-China trade concerns eased, raising hopes of improved exports of the oilseed from the US. The most active July contract was at $10.32 a bushel, up 0.2%. China’s imports of soybean in April declined 13.7% on year to 6.9 mln tn. US CBOT soyoil also rose to six-week high of 31.75 cents a pound on Tuesday tracking gains in soybean.

Adani Wilmar Ltd took the highest delivery of soybean at 25,910 tn under the April contract on the National Commodity & Derivatives Exchange. ITC Ltd made the highest delivery of soybean at 7,950 tn under the April contract. For April contract, Times Comtrade Pvt Ltd made the highest delivery of mustard at 2,640 tn and Cargill India Pvt Ltd took the highest delivery of 6,250 tn.