NCDEX Jul Soybean edged lower on Tuesday due to expectation of higher planting
However, monsoon rains will be very crucial in next two weeks as sowing is slow. As per farm ministry, acreage under soybean was 37,000 ha so far, lower than 75,000 ha from a year ago. As per latest SOPA press release, soybean arrivals for the Oct-May period pegged at 84.75 lt, up by 19.4% on year. 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). 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.
CBOT Soybean continue to trade positive and surged to two-month high on forecasts for wet conditions in the U.S. Midwest which will further slow planting progress.
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