Sep Soybean edged higher on Wednesday due to fresh buying initiated by market participants. USDA cut soybean forecast to 10.3 mt in its latest monthly report from 10.9 mt. Earlier, it was trading under pressure as monsoon revival, good supplies and lower demand for soymeal exports but increase suddenly on jump in edible oil prices. As per farm ministry, acreage under soybean is 109.8 lakh ha so far, down only 1 lakh ha from last year acreage of 110.7 lakh ha. Area in MP improved however in Maharashtra the area lower than last year. Government increase MSP price by 9% or 311 rupees to 3,710 per 100 kg for 2019/20 which also helps to increase acreage this year.
Soy meal exports provisionally down by 59% in July to 26,000 tonnes compared to last year. Similarly, exports in first 4-months of FY 2019/20 (Apr-Jul) are down by about 41.5% to 1.83 lt compared to 3 lt last year. In the 3 rd advance estimates, government increased production forecast of soybean to 137.43 lt (Vs 109.33). USDA kept soybean output forecast unchanged at 109 lt in 2019/20 but down 5.2% y/y. As per SOPA, the arrivals of soybean this season is 94.25 lt compared to 80 lt last year.
Soy meal exports provisionally down by 59% in July to 26,000 tonnes compared to last year. Similarly, exports in first 4-months of FY 2019/20 (Apr-Jul) are down by about 41.5% to 1.83 lt compared to 3 lt last year. In the 3 rd advance estimates, government increased production forecast of soybean to 137.43 lt (Vs 109.33). USDA kept soybean output forecast unchanged at 109 lt in 2019/20 but down 5.2% y/y. As per SOPA, the arrivals of soybean this season is 94.25 lt compared to 80 lt last year.
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