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US's Soybean crop condition likely to worsen further

The US's Soybean crop condition is threatened by a worsening drought situation. According to the US’s National Integrated Drought Information System (NIDIS) latest report, approximately 28% of the soybean growing region is experiencing drought compared to 26% in the previous report. August weather outlook has also forecasted for a dry period with low precipitation, which would extend support to the gains in Soybean and Soy oil.

Domestic Soy oil prices are gradually rising in tandem with the rising CBOT Soy oil prices. Some key soybean sowing regions have sustained crop loss, which may impact the supply side despite the higher acreage for the marketing year 2022-23.

Domestic prices are anticipated to gradually trade up following CBOT Soy oil prices.