Soyabean On NCDEX Settled Down

Soyabean on NCDEX settled down by -0.66% at 3903 on profit booking after prices gained taking clues from spot demand and international markets. There will lower acreage in Madhya Pradesh and Maharashtra as farmers may switch to pulses and other cash crop as prices have been lower. Moreover, increase in Minimum Support Price (MSP) and announcement of bonus (Rs 100) for soybean, also supported prices uptrend. 

According to industry body Soybean Processors Association of India, this year, soybean production is expected to be lower at 69.29 lakh tons than earlier estimate of 74 lakh tons in kharif season. The mid-term review of the oil year (October-September) points out that the harvest is going to be around 69.29 lakh tons. Indian Meteorological Department (IMD) forecasting an above normal monsoon for 2016. IMD, in its second stage forecast issue, said it could still take about four or five days for the monsoon rains to arrive over the Kerala coast. 

IMD reiterated that there was a 94% probability of this forecast being true, and zero chance that rainfall would remain below 90% of normal. According to USDA weekly crop progress report, till 29 May around 73% of sowing is completed against 68% on year. Soybean oilmeal exports plunged 91.99% to 1,442 tons in April compared to 18,017 tons for the corresponding period a year earlier, data released from Solvent Extractors Association of India (SEA) showed.

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