Soyabean On NCDEX Settled Down By -0.74% At 2814

Soyabean on NCDEX settled down by -0.74% at 2814 amid lower domestic demand and ample supplies in the global markets. Soybean farmers in Madhya Pradesh and Maharashtra, the two top bean producing states of India, are offloading stocks to raise funds for sowing on prospects of likely early arrival of monsoon rains. The southwest monsoon is likely to arrive over Kerala by May 30, two days earlier than its scheduled arrival, India Meteorological Department said.

Soybean arrivals in Maharashtra, the second biggest bean producer in India, spurted on higher demand from crushers due to lower rate compared to other states. In Maharashtra mandi rates were lower than Madhya Pradesh and Rajasthan which tempted buyer to purchase higher from Maharashtra's farmers. Soybean arrivals in Maharashtra stood at 75,000-80,000 bags (90 kilogram per bag) as compared to 55,000-60,000 bags.

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