Soyabean On NCDEX Settled Down -1.69% At 2735 Amid

Soyabean on NCDEX settled down -1.69% at 2735 amid supplies from domestic as well as overseas markets and good progress of new season crop. Reports showed that India soybean sowing for the current kharif reached 23,000 ha so far vs 20,000 ha year ago, and arrivals of soybean during the second half of May increased to 1.28 lt as compared to first half.

Total arrivals in Madhya Pradesh were at 10,000-20,000 bags, in Maharashtra inventories stood at 70,000-80,000 bags while in Rajasthan soybean arrivals were at 10,000-15,000 bags. 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.

The country may export 15 lakh tonnes of soymeal during the 2016-17 marketing year that runs from October to September. At the beginning of the season, the SEA was expecting shipments of 2 million tonnes during the 2016-17 marketing year because of higher soybean output. According to D N Pathak, executive director, Soybean Processors Association of India (SOPA), some shift to cotton is likely since soybean prices are low.

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