Capital stroke NCDEX Update : SOYABEAN 15 MAY 2014

Soybean has been in an upward trend since January backed by lower availability of this oilseed along with the strength in the overseas markets. Concerns over below normal monsoon season, emergence of El-Nino and shortage of seeds for kharif 2014 sowing has added further fuel to the already rising prices.

The Ministry of Agriculture in its 2 nd Advance Estimates, projected 2013-14 soybean output at 12.45 mn tn as against 14.67 mn tn in 2012-13. Soy meal exports in April’14 have declined to 89,883 tn, 59.73% down m-o-m and 9.62% lower y-o-y due to lower availability for crushing and poor demand due to unattractive Indian quotes for the foreign buyers.


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