Soybean futures traded on a mixed note on Monday. Tight supplies supported prices while weak overseas markets coupled and poor soy meal export kept prices under check. The onset of monsoon in Kerala also added to the downside pressure and settled 0.02% higher.
The Ministry of Agriculture in its 3nd 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 May ’14 have declined to 8,226 tn, down 91.47% y-o-y from 96,492 tn 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.Soyabean trading range for the day is 4196-4342. Soyabean ended with gains on improved demand in the physical market against tight supplies from the major producing belts.
However, fall in International prices and improved Monsoon progress report by IMD, capped some gains.
NCDEX accredited warehouses soyabean stocks dropped by 198 tonnes to 12183 tonnes.
At the Indore spot market in top producer MP, soybean gained 29 rupee to 4312 rupee per 100 kgs.
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