Indian Soybean Prices Hit Record Highs in Dollar Terms

Indian Soybean Prices Hit Record Highs in Dollar Terms

 

Organic soybean prices remain elevated, and the inversion between Q3 and new crop remains wide. Merchandisers have reported to The Jacobsen transaction at $36 per bushel for old crop organic soybeans, while bids for new crop remain close to $27-$28. This inversion in the organic soybean term structure is not unique. The December Indian soybean futures contract on the NCDEX currently trades at a $320 per metric ton inversion to the prompt contract which is equivalent to an $8.8 inversion. While this inversion has historically been an excellent guide to futures prices for U.S. Organic soybeans, a duty on Indian organic soybean meal will change that dynamic.

Indian Conventional Soybeans Hit Record Highs

The Indian conventional soybean prices on the NCDEX hit a record high close on Tuesday, rising to $1,126 per metric ton. The recent increase in the dollar value versus the Rupee has helped cap the price increase. The break out in the soybean price movement…

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