Soyabean Prices Dropped

Prices dropped tracking global market cues along with normal monsoon forecast. Soybean prices are under pressure following global market cues amid good sowing progress in US and trade tensions between US and China along with favourable monsoon forecast. India Meteorological Department (IMD) said that the Monsoon hit the Kerala coast on May 29, three days ahead of its normal date.

Normal monsoon is likely to result in higher acreage and thereby resulted in price fall. USDA projects soybean output at 10.8 million tons compared to 9 million tons a year ago owing to normal monsoon forecast. Moreover, US soybean crop is moving at the fastest planting pace since 2012. Farmers in the US have planted 77% soybean as of now as compared to 65% in the same period a year ago. Soybean Processors Association of India predicted 14% increase in soybean cultivation area in the country with forecast of normal monsoon.

During coming kharif season, soybean will be sown on 12 million hectares compared to 10.5 million hectares last year. In the weekly USDA crop progress report; Soybeans planting are reported at 77% which is up from 65% from the corresponding period last year and higher compared to the 5 year average of 62%. About 47% of the crop has emerged which is higher than 34% during the corresponding period last year and also up from the 5 year average of 32%. Technically market is under fresh selling as market has witnessed gain in open interest by 8.62% to settled at 85950 while prices down -2 rupees, now Soyabean is getting support at 3549 and below same could see a test of 3524 level, And resistance is now likely to be seen at 3597, a move above could see prices testing 3620.

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