Soyabean Ended With Gains Tracking Firmness In Spot

Soyabean ended with gains tracking firmness in spot demand despite of forecast of rains in soybean growing area of Maharashtra and Madhya Pradesh in coming week. Prices also seen supported on expectation that the Minimum Support Prices (MSP) for soybean may increase by Rs 175 per quintal to Rs 2,950 and lower supplies in the physical market.

Soybean traders in Madhya Pradesh, the biggest bean growing state, called off their over a fortnight-long strike after promises from Chief Minister Shivraj Chouhan of not filing criminal cases traders buying farm products below Minimum Support Price or MSP. Earlier, traders had announced indefinite strike after Madhya Pradesh Chief Minister Chouhan's announced plans to file criminal cases against traders not paying MSP to farmers.

The USDA rated soybean crop as 66 percent good-to-excellent, compared with forecasts for 69 percent. U.S. corn was at 67 percent good-to-excellent, matching forecasts. The National Oilseed Processors Association's May soybean crush was forecast to fall 6 percent below the 2016 level, with U.S. processors slowing their pace amid abundant South American supplies.

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