Soyabean On NCDEX Settled Down By -1.83% aAt 2731



Soyabean on NCDEX settled down by -1.83% at 2731 due to reports of higher stocks of soybean with farmers and traders. Soybean prices weakened further because farmers, reluctant to sell at ‘low prices’ so far this season, will soon begin liquidating stocks trying to raise money for sowing operations beginning June. Soybean acreage may decline during the ensuing season due to falling prices of the commodity because of heavy stocks and weak export of soymeal. However, chances for any sharp fall are unlikely as farmers have little option to plant alternative crops because pulses prices are also ruling below minimum support price (MSP), the official said. India's 2016-17 soybean sowing stood at 11.47 million hectare which resulted in output of 10.5 million tons of the seed.

Export of soymeal may be around 1.5 million ton during the current oil year as against the earlier estimates of 1.8 million ton. According to Soybean Processors Association of India (SOPA) farmers were holding around 5.9 million ton soybean at the end of April this year. Madhya Pradesh, Maharashtra and Rajasthan are the main soybean producing states. Soybean is a main kharif oilseed crop and sown in June-July and harvested in Sep-Oct.

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