Soybean futures traded on a negative note last week on weak soy meal export demand and favorable monsoon conditions. However, tight supplies coupled supported prices at lower levels and settled 2.67% lower.
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, down 9.62% m-o-m and 59.73% 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.
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