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NCDEX Soybean 1.45% last week after gaining for 3 successive weeks. Prices slump after touching its 14-week high due to technical corrections. Moreover, improving physical demand from the oil mills as arrivals are falling as farmers are waiting to sell to government at MSP. In October, soybean closed 2.2% higher on expectation of improving crushing from the oil mills. Government plans to procure 44 lakh tonnes of oilseeds 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.
CBOT Soybean futures fell for a fifth consecutive session on Friday pressured by increased forecast for U.S. stocks and concerns over trade conflict with China is damaging the export outlook. The U.S. soybean crop will be smaller in next season than expected but stocks are forecast to rise sharply as the trade conflict with China weighs heavily on exports Export commitments for soybeans are 42.2% of that newly updated total compared to the 5-year average of 64% for this week. They are now 30.6% lower than this time last year. CFTC data showed money managers in soybean futures and options trimming their net short position by 26,227 contracts for the week of 11/6 at -45,078 contracts.
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