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NCDEX Soybean edged lower on Wednesday due to profit booking from 9-week high this week. In October, soybean closed 2.2% higher on expectation of improving crushing from the oil mills. Government plans to procure 44 lakh tonnes of oil seeds and pulses from farmers at MSPs in the ongoing kharif marketing season that started Oct 1 As per SOPA, soybean production in 2018/19 may highest in last 5 year at 114.8 lakh tonnes 37.8% higher than last year production. As per 1st advance estimate 2018/19, soybean production is forecast about 22.5% higher at 134.6 lakh tonnes on year. India's soymeal exports fell 32% on year to 48,000 tn in September, according to the latest report by For Apr-Aug, India's soymeal exports down by 4% on year at 3.72 lakh tonnes.
CBOT Soybean Nov futures ended higher and recovered from 6- week lower touched earlier in the session on Wednesday. The prices are still under pressure as U.S. soy export sales to China, the world's top importer of the oil seed, have nearly halted due to the trade war between the US and China. USDA reported 212,709 MT of 18/19 soybeans were sold for export in the week of 10/18, down 27.5% from the week prior and was just 10% of the amount sold this week last year. Soybean export shipments totaled 1.11 mt, down 4.1% from a week ago and 56% lower than last year. The IGC trimmed world soybean production to 369 mt for 18/19, with carryout increasing 2 to 54 mt.
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