NCDEX Jul Soybean closed lower on Monday on profit booking
The prices have been under pressure due to
expectation of higher planting and sufficient stocks in the physical
market. Moreover, slow down in soymeal exports is also a worry. As
per SEA, country export only export 40,000 tonnes of soy meal in
May down 41.4% y/y. Moreover, for Apr-May period, India shipped
out about 58,470 tonnes of soybean meal down 59% compared to
last year.
However, monsoon rains will be very crucial in next two weeks as
sowing is slow. As per farm ministry, acreage under soybean was
53,000 ha so far, down about 57% from last year acreage of 1.24
lakh ha. Soybean arrivals for the Oct-May period pegged at 84.75 lt,
up by 19.4% on year as per SPOA report. Until April, country
crushed about 67.8 lt of soybean compared to 60.5 lt last year. In
the 3rd advance estimates, government increased production
forecast of soybean to 137.43 lt (Vs 109.33 last year). USDA in its
monthly report forecast output at 109 lt in 2019/20, down 5%
compared to last year.
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