Soyabean On NCDEX Settled Up By 1.88% At 2822



Soyabean on NCDEX settled up by 1.88% at 2822 amid drastic reduction in soybean arrivals in the physical markets in Madhya Pradesh due to agitation by the farmers. Trading across Madhya Pradesh and Maharashtra mandis continued to remain suspended for seventh trading day as traders' extended a strike for a third-day. Reports showed that arrivals of soybean during the first 6 days of June drop by 78% to 13,225 tonnes as compared to 60,729 in the last week of May.

From Monday, soybean traders in Madhya Pradesh and Maharashtra, the top soybean growing states in India, have halted purchases from farmers after state Chief Minister Shivraj Singh Chouhan announced plan to pay farmers half their dues in cash and the remaining through RTGS. US soybean planting is 83% complete as on 4 June 2017 which is above from 82% in the corresponding period last year and also above from 5 year average of 79%.

Soybean emergence is reported at 58% which is less from 62% during the corresponding period last year but below from 5 year average of 59%. 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.

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