Soyabean On NCDEX Settled Up 1.32% At 2925

Soyabean on NCDEX settled up 1.32% at 2925 on lower sowing along with reports of poor monsoon progress sparked supply shortage. The sowing operations for soyabean could be delayed as major producing states Madhya Pradesh and Maharashtra might not receive adequate rain during this month, according to industry body. The Met department has predicted a normal monsoon in 2017, raising hopes of bumper production during 2017-18 crop year (July—June). 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. 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

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