Soybean Ended With Gains On Slow Progress



Soybean ended with gains on slow progress of soybean planting and lower arrivals in physical markets. However upside seen limited on weak physical demand and reports of monsoon rains may cover soybean belt in Madhya Pradesh, Maharashtra and Rajasthan in coming weeks. Arrivals across India dropped as farmers are busy with sowing after rain hit major growing areas. Arrivals are declining as yesterday's rainfall in major soybean growing areas kept farmers busy in plantation of crops.

Today, all India soybean arrivals were stood at 100,000-155,000 bags (90 kilogram per bag) as compared to 160,000-175,000 bags. Total arrivals in Madhya Pradesh were at 35,000-40,000 bags. In Maharashtra arrivals stood at 45,000-55,000 bags while in Rajasthan soybean arrivals were at 10,000-15,000 bags. On June 22 the state received 4.9 mm rainfall which is 3% below normal rainfall, data released by IMD showed.

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