The Ministry of Agriculture in its 3 nd Advance Estimates, projected 2013-14 soybean output at 11.9 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 on poor demand and lower availability for crushing due to higher Indian quotes for foreign buyers. IMD’s has forecast of below normal rains which may impact the yield.
Soybean was in a bull rally since January on the back of supply crunch of this oilseed along with the bullish overseas markets. Concerns over below normal monsoon season, emergence of El-Nino and shortage of seeds for kharif 2014 sowing further fueled the already rising prices.
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