NCDEX Jul Soybean falls 2.7% last week and slipped to contract low
However, monsoon rains will be very crucial in next two weeks as
sowing is slow. As per farm ministry, acreage under soybean was
53,000 ha so far, down about 57% from last year acreage of 1.24
lakh ha. Soybean arrivals for the Oct-May period pegged at 84.75 lt,
up by 19.4% on year as per SPOA report. Until April, country
crushed about 67.8 lt of soybean compared to 60.5 lt last year. In
the 3rd advance estimates, government increased production
forecast of soybean to 137.43 lt (Vs 109.33 last year).
CBOT Soybean edged higher as unfavorable weather forecasts will further slow planting progress. US export Sales report showed old crop soybean bookings above the top end of estimates at 571,512 MT. That was an 8-week high and more than double the same week last year.
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