NCDEX Jul Soybean closed higher last week by 1% on reports that monsoon will be further delayed due to Cyclone Vayu.
There are
chances of higher planting this season but monsoon rains will be
very crucial. As per farm ministry, acreage under soybean was
37,000 ha so far, lower than 75,000 ha from a year ago. As per latest
SOPA press release, soybean arrivals for the Oct-May period pegged
at 84.75 lt, up by 19.4% on year. 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).
Soybean futures expected to trade sideways to higher on lower
stocks and improving physical demand. Moreover, higher
production and increase edible oil imports will put extra pressure on
Oilseeds as the sowing season approaching.
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