Soyabean On NCDEX Settled Down By -1.16% At 2820

Soyabean on NCDEX settled down by -1.16% at 2820 tracking weakness in spot demand and due to forecasts of ample supplies in 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. With prospects of good monsoon rains this year and sharp fall in prices farmers' have accelerated selling in local mandis at desperate prices.

All India soybean arrivals stood at 200,000-235,000 bags (90 kilogram per bag) Tuesday compared to 145,000-180,000 bags. Farmers in MP are expected to offload 70-80% of their stocks to raise fund for sowing. Total arrivals in Madhya Pradesh were at 80,000-110,000 bags. In Maharashtra inventories stood at 80,000-90,000 bags while in Rajasthan soybean arrivals were at 15,000-20,000 bags.

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