Soyabean Market Update

Soyabean on NCDEX settled down by -0.5% at 3595 on profit booking after prices gained on fears of damage to the new crop as heavy rains are forecast to lash key producing Madhya Pradesh state. So far the standing soybean crop is in good conditions but it will be too early to project the output at this stage, said an official of SOPA.

Indian farmers have planted soybean over 11.18 million hectare until Aug 5 marginally up from 11 million hectare a year due to good monsoon rains. Madhya Pradesh is the largest soybean producing state and sowing stood at 5.36 million hectare versus 5.8 million hectare, agriculture ministry data showed.

Trading Ideas:

Soyabean trading range for the day is 3545–3669.

Soyabean dropped on profit booking after prices gained on fears of damage to the new crop.

So far the standing soybean crop is in good conditions but it will be too early to project the output at this stage, said an official of SOPA.

Indian farmers have planted soybean over 11.18 million hectare marginally up from 11 million hectare a year due to good monsoon rains.

At the Indore spot market in top producer MP, soybean dropped -7 rupee to 3816 rupee per 100 kgs.

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