NCDEX Soybean Trades Higher On Global Cues: April 11, 2012

NCDEX Soybean futures traded higher (up 2.5% as compared to yesterday’s closing) and made all time high on account of firm overseas market in anticipation of USDA’s bullish monthly supply & demand report which is scheduled to release on Tuesday evening.

Additionally, higher export figures of soymeal as well as total oilmeal as compared to last month. India's soy meal exports, in March 2012 increased by 12.16 per cent to 4,60,464 tonnes from 4,10,537 tonnes during the same period last year.

However, the soy meal shipments during the finance year 2011-12 (Apr-Mar) were 38,28,521 tonnes, slightly lower by 0.26 per cent from 38,38,775 tonnes a year ago. Average soy meal price of March was USD 433/tonnes FOB at domestic ports (USD 1=50.36).

Total oil meal shipments during the finance year 2011-12 (Apr-Mar) were 55,22,312 tonnes (value Rs 6360-.79 Cr), up by 8.88 per cent from 50,71,779 tonnes (value Rs 8219.76 Cr) a year ago. During the FY 2011-12 shipments to Iran, Thailand, Japan, EU and Mozambique (Africa) registered exceptional growth. U.S. soybean exports for 2011/12 are increased 15 million bushels this month to 1.29 billion.

U.S. soybean ending stocks are projected at 250 million bushels, down 25 million from last month. Global oilseed production for 2011/12 is projected at 440.6 million tons, down 5.2 million from last month.

Brazil soybean production is forecast at 66 million tons, down 2.5 million from last month as warm temperatures. Global oilseed trade for 2011/12 is projected at 106.4 million tons, down 2 million mainly reflecting reduced soybean trade. Lower soybean exports are forecast for Argentina, Brazil, Paraguay, and Uruguay.

Global soybean ending stocks are projected at 55.5 million tons, down 1.8 million from last month, and down 13.6 million tons from last year.