Soyabean On NCDEX Settled Down By -2.25% At 2699

Soyabean on NCDEX settled down by -2.25% at 2699 due to higher supplies and lower demand in the domestic spot market. Reports showed that arrivals of soybean during the second half of May increased to 1.28 lt as compared to first half.

All India soybean arrivals stood at 120,000 bags (90 kilogram per bag) compared to 75,000 bags from previous day. Total arrivals in Madhya Pradesh were at 45,000-50,000 bags, in Maharashtra inventories stood at 40,000-45,000 bags while in Rajasthan soybean arrivals were at 10,000-15,000 bags. Arrivals in the local mandis also rose as farmers are offloading to prepare for next sowing. Currently the Indian soymeal is trading at a premium of $40-$50 per ton compared to Argentina soymeal making Indian soymeal uncompetitive in the global market. 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.

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