On NCDEX Settled Down By -0.95% At 2811

On NCDEX settled down by -0.95% at 2811 due to higher arrivals and bumper crop with the farmers. Though, steady physical demand and reports of slow progress in soybean sowing in the country, capped some losses. The sowing operations for soyabean could be delayed as major producing states Madhya Pradesh and Maharashtra might not receive adequate rain during this month, according to industry body. The Met department has predicted a normal monsoon in 2017, raising hopes of bumper production during 2017-18 crop year (July—June). “The monsoon is not developing in normal way and it is likely that monsoon advance may bypass the important soyabean producing States like Madhya Pradesh and eastern Maharashtra and they may not get adequate rains in June. This may delay sowing operations,” Solvent Extractors’ Association President Atul Chaturvedi told its members. The monsoon rain has been erratic so far and temperatures are still hot in north-western India and several parts of central India, he added.

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