NCDEX Jul Soybean Edged Higher For
The Fourth Consecutive Session On Thursday Due To Short Covering
CBOT Soybean closed lower on Thursday on reports of weak
exports data and forecast of dry weather in coming weeks which
will enhance sowing activities. USDA Export Sales report indicated
just 168,175 MT of old crop soybeans sales during the week of June
20, below expectations. Chinese imports of soybeans were down
24% in May from the same month last year at 7.36 MMT, with
977,024 MT from US.
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
CLICK HERE FOR GET DETAILS & JOIN OUR BEST ADVISORY -
Click here to visit my website : http://www.capitalstars.com/free-trial
Free Trial link : https://bit.ly/2u2GUhK
Free Trial link : https://bit.ly/2u2GUhK
0 comments:
Post a Comment