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NCDEX Jan Soybean futuresjumped more than 1% on Wednesday to short covering on lower physical arrivals and reports of improving meal exports in coming months. USDA in its December update, showed no changes to the India at 11 mt for 18/19 season, but up 32% on year. USDA pegs soymeal production up 2.2% on month and 22% on year at 75 lakh tonnes in 2018/19 due to increase in crushing by 22% this season. As per SOPA press release, India’s soymeal exports down 20% on year to around 3.28 lakh tn during last two months (Oct-Nov) while arrivals have been at 41 lakh tonnes, up 14% compared to last year. According to senior government officials, China is likely to open its doors to soybean from India after allowing the import of non-basmati rice and raw sugar.
CBOT Soybean futures rose on Wednesday as top global buyer China bought U.S. soybeans for the first time since U.S. President Donald Trump and his Chinese counterpart Xi Jinping met in early December. Reuters reported about 500,000 MT of soybeans were purchased by Chinese state-owned companies on Wednesday. WASDE update from the USDA showed no changes to the US supply and demand; with 18/19 US carryout at 26 mt. World ending stocks are now projected at 115.33 mt by USDA, up 3.25 mt from their prior estimate. Revisions were made to 17/18 numbers, as Brazil’s production was raised 0.5 to 120.3 mt and carryout was 1.6 mt higher. For 18/19 USDA increased their Brazilian soybean production number to 122 mt, vs. the new CONAB update at 120.066 mt.
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