Soyabean On NCDEX Settled Up By 0.8% At 3038

Soyabean on NCDEX settled up by 0.8% at 3038 due to deficient rains in soybean growing areas of Madhya Pradesh, Rajasthan and Maharashtra. Soybean rates have increased in local mandies on speculation of lower output this year due to irregular rainfall and demand for soymeal exports have also increased. Total arrivals in Madhya Pradesh were at 65,000-70,000 bags. In Maharashtra arrivals stood at 45,000-50,000 bags while in Rajasthan soybean arrivals were at 12,000-15,000 bags.

Madhya Pradesh and some other parts of central India are facing dry spell for the last many days, said a source at India Meteorological Department (IMD). In the weekly USDA crop progress report released on 10 July; Soybeans blooming are reported at 34% which is down from 37% from the corresponding period last year and up from the 5-year average of 32%.

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