On NCDEX Settled Up By 0.37% At 2745



On NCDEX settled up by 0.37% at 2745 on short covering after prices dropped on increasing arrivals in local mandis and lower demand for soymeal and oil in domestic market. Soybean farmers are offloading stocks to raise funds for sowing. As per data, arrivals of soybean during the second half of May increase to 1.28 lt as compared to first half. India's oilseeds industry body has cut its soymeal export forecast by 25% from its previous outlook on appreciating rupee and a correction in global prices make Indian supplies uncompetitive.

India may export 1.5 million tons of soymeal during the 2016-17 marketing year (Oct-Sep) lower from 2 million tons expected in the beginning of the season. According to the weekly crop progress report by USDA, till May 28 around 67% of the soybean crops were planted in US same as compared to 71% previous year and 68% on prior 5-years average. With soybean prices falling below MSP in key growing regions, industry experts see some shift in cropping patterns in the coming Kharif season. Farmers may either opt for cotton, castor and even groundnut in some states, top officials of the Solvent Extractors Association of India (SEA) said. The worries over soybean crushing margins in China, the top importer of the oilseed, just kept on building.


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