Angel Commodities' report on Soybean
NCDEX Mar Soybean futures edged higher on fresh buying and tracking firm demand in spot market. It slipped to a 4-week low last week on higher production forecasts but now trend look positive.
As per the latest press release by SOPA, India’s soybean output is likely to rise by38% to114.8 lakh tonnes this year due to an increase in average yield across the country. Demand for Indian soymeal is growing from Europe and West Asia while Iran is emerging as one of the largest buyers. Soymeal exports up by 98% y/yin January to 210,166tonne, as per SEA press release. Overall, Soymeal exports are higher by 16% at 10.66 lakh tonnes for the Apr-Jan period compared to last year.
Soymeal exports from India are expected to rise 25% on year to around 15 lakh tn in 2018-19 (Apr-Mar).CBOT Soybean closed lower on Tuesday, as traders awaited a new round of U.S.-China trade talks. The U.S. Department of Agriculture expected to release its forecasts for U.S. 2019 corn, soybean and wheat plantings this week at its annual Outlook Forum.
US acreage estimates from Informa trimmed by 160,000 acres to 86.044 million. NOPA report indicated a record January crush by its members at 171.63 mbu down than December but 5.22% larger than a year ago Brazil’s SAFRAS soybean production estimate trimmed by 0.3 mt to 115.4 mt on Friday.
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NCDEX Mar Soybean futures edged higher on fresh buying and tracking firm demand in spot market. It slipped to a 4-week low last week on higher production forecasts but now trend look positive.
As per the latest press release by SOPA, India’s soybean output is likely to rise by38% to114.8 lakh tonnes this year due to an increase in average yield across the country. Demand for Indian soymeal is growing from Europe and West Asia while Iran is emerging as one of the largest buyers. Soymeal exports up by 98% y/yin January to 210,166tonne, as per SEA press release. Overall, Soymeal exports are higher by 16% at 10.66 lakh tonnes for the Apr-Jan period compared to last year.
Soymeal exports from India are expected to rise 25% on year to around 15 lakh tn in 2018-19 (Apr-Mar).CBOT Soybean closed lower on Tuesday, as traders awaited a new round of U.S.-China trade talks. The U.S. Department of Agriculture expected to release its forecasts for U.S. 2019 corn, soybean and wheat plantings this week at its annual Outlook Forum.
US acreage estimates from Informa trimmed by 160,000 acres to 86.044 million. NOPA report indicated a record January crush by its members at 171.63 mbu down than December but 5.22% larger than a year ago Brazil’s SAFRAS soybean production estimate trimmed by 0.3 mt to 115.4 mt on Friday.
You can also follow Trade Nivesh on twitter.
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