Latest news with #soybean
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
India's soybean acreage to shrink as farmers favour corn, sugar cane
India's government has set a floor price of US$57.29 per 100 kg for soybeans. (EPA Images pic) DEVAS : Soybean acreage in India is likely to fall this year as corn and sugar cane could replace it in some areas after these crops gave higher returns to farmers than the oilseed, farmers and industry officials told Reuters. Soybean is India's main summer-sown oilseed crop and lower output will force the world's biggest importer of edible oils to increase overseas buying of palm oil, soyoil and sunflower oil. 'We've barely made any profit from soybean over the past three years, so this year we're switching to corn — it's giving better returns,' said Subodh Parmar, a farmer in Devas in Madhya Pradesh state. 'Soybean prices were under pressure in the last few months, which is prompting farmers to switch to other crops,' said DN Pathak, executive director of the Soybean Processors Association of India (SOPA). The government fixed a floor price of ₹4,892 (US$57.29) per 100 kg for soybean, but since the start of the new marketing year in October 2024, prices have been 10% to 20% below this level. Soybean is mainly a rain-fed crop, and the monsoon rains, expected to be above average this year, play a crucial part in deciding yields. The states of Madhya Pradesh in central India, Maharashtra in the west, Rajasthan in the northwest and Andhra Pradesh and Karnataka in the south, are major producers of soybean. 'Soybean contains more than 80% meal and less than 20% oil, but local soymeal demand has been squeezed by cheaper supplies of distiller's dried grains with solubles (DDGS), a byproduct of ethanol production,' said BV Mehta, executive director of the Solvent Extractors' Association of India (SEA). 'The poultry industry is a big consumer of soymeal, but in the past two years it has been replacing soymeal with DDGS since it is more than 30% cheaper,' Mehta said. 'In Maharashtra, the leading producer of sugar in India, ample rainfall has prompted some farmers to switch to water-intensive perennial sugarcane,' said a Mumbai-based dealer with a global trade house. 'It seems the new soybean crop will be considerably lower than last year's. This will obviously force India to increase imports of edible oils,' the dealer said. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.
Reuters
6 days ago
- Business
- Reuters
India's soybean acreage to shrink as farmers favour corn, sugar cane
DEVAS, India, May 27 (Reuters) - Soybean acreage in India is likely to fall this year as corn and sugar cane could replace it in some areas after these crops gave higher returns to farmers than the oilseed, farmers and industry officials told Reuters. Soybean is India's main summer-sown oilseed crop and lower output will force the world's biggest importer of edible oils to increase overseas buying of palm oil, soyoil and sunflower oil. "We've barely made any profit from soybean over the past three years, so this year we're switching to corn — it's giving better returns," said Subodh Parmar, a farmer in Devas in Madhya Pradesh state. Soybean prices were under pressure in the last few months, which is prompting farmers to switch to other crops, said D.N. Pathak, executive director of the Soybean Processors Association of India (SOPA). The government fixed a floor price of 4,892 rupees ($57.29) per 100 kg for soybean, but since the start of the new marketing year in October 2024, prices have been 10 to 20% below this level. Soybean is mainly a rain-fed crop, and the monsoon rains - expected to be above average this year - play a crucial part in deciding yields. The states of Madhya Pradesh in central India, Maharashtra in the west, Rajasthan in the northwest and Andhra Pradesh and Karnataka in the south, are major producers of soybean. Soybean contains more than 80% meal and less than 20% oil, but local soymeal demand has been squeezed by cheaper supplies of distiller's dried grains with solubles (DDGS), a byproduct of ethanol production, said B.V. Mehta, executive director of the Solvent Extractors' Association of India (SEA). The poultry industry is a big consumer of soymeal, but in the past two years it has been replacing soymeal with DDGS since it is more than 30% cheaper, Mehta said. In Maharashtra, the leading producer of sugar in India, ample rainfall has prompted some farmers to switch to water-intensive perennial sugarcane, said a Mumbai-based dealer with a global trade house. "It seems the new soybean crop will be considerably lower than last year's. This will obviously force India to increase imports of edible oils," the dealer said. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. ($1 = 85.3850 Indian rupees)
Yahoo
6 days ago
- Business
- Yahoo
India's soybean acreage to shrink as farmers favour corn, sugar cane
By Rajendra Jadhav DEVAS, India (Reuters) -Soybean acreage in India is likely to fall this year as corn and sugar cane could replace it in some areas after these crops gave higher returns to farmers than the oilseed, farmers and industry officials told Reuters. Soybean is India's main summer-sown oilseed crop and lower output will force the world's biggest importer of edible oils to increase overseas buying of palm oil, soyoil and sunflower oil. "We've barely made any profit from soybean over the past three years, so this year we're switching to corn — it's giving better returns," said Subodh Parmar, a farmer in Devas in Madhya Pradesh state. Soybean prices were under pressure in the last few months, which is prompting farmers to switch to other crops, said D.N. Pathak, executive director of the Soybean Processors Association of India (SOPA). The government fixed a floor price of 4,892 rupees ($57.29) per 100 kg for soybean, but since the start of the new marketing year in October 2024, prices have been 10 to 20% below this level. Soybean is mainly a rain-fed crop, and the monsoon rains - expected to be above average this year - play a crucial part in deciding yields. The states of Madhya Pradesh in central India, Maharashtra in the west, Rajasthan in the northwest and Andhra Pradesh and Karnataka in the south, are major producers of soybean. Soybean contains more than 80% meal and less than 20% oil, but local soymeal demand has been squeezed by cheaper supplies of distiller's dried grains with solubles (DDGS), a byproduct of ethanol production, said B.V. Mehta, executive director of the Solvent Extractors' Association of India (SEA). The poultry industry is a big consumer of soymeal, but in the past two years it has been replacing soymeal with DDGS since it is more than 30% cheaper, Mehta said. In Maharashtra, the leading producer of sugar in India, ample rainfall has prompted some farmers to switch to water-intensive perennial sugarcane, said a Mumbai-based dealer with a global trade house. "It seems the new soybean crop will be considerably lower than last year's. This will obviously force India to increase imports of edible oils," the dealer said. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. ($1 = 85.3850 Indian rupees) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Zawya
23-05-2025
- Business
- Zawya
Wheat eases as short-covering rally fades
CANBERRA/PARIS - Chicago wheat futures edged lower for a second day on Friday, consolidating below a one-month high as short-covering by investment funds subsided and traders saw generally favourable harvest prospects in the Northern Hemisphere. Corn and soybean futures were little changed, also consolidating after gains this week and ahead of the Memorial Day holiday that will keep U.S. markets closed on Monday. The most active wheat contract on the Chicago Board of Trade (CBOT) was down 0.2% at $5.43-1/4 a bushel by 1022 GMT, moving away from Wednesday's one-month peak of $5.56-1/4. Wheat rallied early this week in a rebound from a near five-year low of $5.06-1/4 hit on May 13, as concerns over adverse weather in Russia and China and an unexpected decline in U.S. wheat ratings triggered short-covering by speculators. But traders are not convinced that crops will suffer significant immediate losses and funds switched back to being net sellers on Thursday, traders said. "CBOT wheat was too cheap. Now it's more fairly priced," said Rabobank analyst Vitor Pistoia in Sydney. However, prices are likely to rise further only if there is a significant and crop-damaging change in weather conditions, he said. The International Grains Council on Thursday maintained its 2025-26 wheat crop outlook at 806 million metric tons, while consultancy Sovecon this week raised its 2025 Russian wheat production forecast to 81 million metric tons from 79.8 million tons. Demand for competitively priced U.S. wheat has helped underpin prices, as illustrated by better-than-expected weekly U.S. wheat export sales data released on Thursday. However, a Reuters report that top wheat exporter Russia has removed a minimum export price recommendation for May and June put attention back on competition from the Black Sea region. CBOT soybeans was flat at $10.67-1/2 a bushel , consolidating below an earlier one-week high. CBOT corn inched down 0.1% to $4.62-1/2 a bushel, after reaching a two-week peak on Thursday. Favourable U.S. crop conditions and large harvests in Brazil were keeping a lid on corn and soybean prices. The IGC raised its forecast for 2025-26 global corn production by 3 million metric tons to 1.277 billion tons. Prices at 1022 GMT Last Change Pct Move CBOT wheat 543.25 -1.25 -0.23 CBOT corn 462.50 -0.50 -0.11 CBOT soy 1067.50 0.00 0.00 Paris wheat 207.25 -2.00 -0.96 Paris maize 206.25 -1.00 -0.48 Paris rapeseed 489.00 -0.25 -0.05 WTI crude oil 61.13 -0.07 -0.11 Euro/dlr 1.14 0.01 0.64 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton Reuters
Reuters
21-05-2025
- Business
- Reuters
Dry weather to bring relief to Argentina's soggy farmlands
BUENOS AIRES, May 21 - Dry weather conditions in the coming days will help air out Argentina's muddy fields, the Buenos Aires Grains Exchange said on Wednesday, after heavy storms flooded the already behind-schedule soybean crop. Fierce rains washed out the north of Buenos Aires province at the end of last week, with the exchange warning that it may need to cut its estimates for the soybean harvest. Argentina is the world's largest exporter of soybean oil and meal. The exchange currently pegs 2024/25 output of soy at 50 million metric tons. But with the harvest running late, farmers risk losing crops due to disease caused by the rains or pods opening. The exchange forecasts little to no rainfall over most of Argentina's agricultural heartland over the next several days, after up to 400 mm of precipitation was dumped on the area, the exchange said in its weekly weather report. As fields dry out, farmers will need to rush to rake in the rest of the soybean crop. They are also set to kick off planting wheat for the 2025/26 season.
