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Soybean Update

posted Jun 4, 2011, 10:29 AM by NAVYUG Info   [ updated Jun 4, 2011, 10:31 AM ]

Indian soybean declined substantially this week tracing the domestic fundamentals. The earlier on set of the monsoon and the likely rise in MSP by the government pressurized the prices. The progress of the monsoon in South India has opened up all possibilities for the timely arrival of the rain in the Madhya Pradesh, Maharashtra and Rajasthan which are the major growing areas of soy bean. The brightened prospects of the weather recovery in U.S are also expected pressurize the CBOT prices and retain the same effect on Indian market. 

The central farm ministry has also expressed the production of Kharif oil seed during the current year to increase amongst which soy bean is the major oil seed crop. 

Further the acreage under soybean in India is expected to be boosted by the increasing in MSP.