Soyabean Settled Flat Amid Expectation Of Better Harvest



Soyabean settled flat amid expectation of better harvest and good sowing progress in the country. The weather across the soybean growing area is also good for better yield. Pressure seen on prices on hope of higher supply after weather forecast stated that monsoonal precipitation will favour southern and eastern India during the next few days. Sowing progress in leading soybean producers like Madhya Pradesh, Maharashtra, and Rajasthan improved following good rains during July. Soybean sowing was recorded at 10.92 million hectare compared to 10.63 million hectare, data showed. Moreover, In Maharashtra, the second biggest soybean grower in India, acreage was higher by 10.3% on year at 348,000 hectare. The newly planted US soybean is blooming at 76% which is up from 67% during the corresponding period last year and also up from 5 year average of 66%. About 35% soybean is setting pod which is up from 29% during the corresponding period last year and also up from 5 year average of 26%.


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