Month: June 2018

Soybean futures on NCDEX rose after China said it will cut import tariffs on Indian soybean. The most active July contract on the domestic bourse was up 0.7% at 3,460 rupees per 100 kg. In Indore, the benchmark market, prices of soybean were up 25 rupees at 3,475-3,525 rupees per 100 kg.

The August contract was flat and closed the day at $8.73. The November contract added 1.5 cents to end the day at $8.89 per bushel. Markets have largely shrugged off current concerns about China and the trade war.

With domestic production declining and consumption on the rise, Turkey has become one of the world’s leading importers of soybeans and soybean meal. USDA forecast 2018-19 soybean planted area and production at 26,000 hectares and 95,000 tonnes, respectively. Total soybean imports during the first eight months of marketing year 2017-18 were 1.6 million tonnes, up about 28% compared to the same period last year due to lucrative crushing margins. The leading supplier is Ukraine with 520,000 tonnes, followed by the United States with 410,000 tonnes, up about 55% from the previous year due to attractive prices relative to other suppliers.

Around 73% of soybean crop in the US was in ‘good’ or ‘excellent’ condition in the week, unchanged from the previous week but 7 percentage points higher than the corresponding period last year.