NCDEX Jul Soybean edged higher on Thursday due to short covering
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 3
rd 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.
CBOT Soybean closed lower on Tuesday on forecast of dry weather
in coming weeks which will enhance sowing activities. Money
managers in soybean futures and options trimmed their net short
position by 35,848 contracts as of 6/18 to -55,307 contracts
according to COT data. 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.
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