Soybean July futures traded on a negative note on Thursday taking cues from start of sowing in MP, Maharashtra and Karnataka coupled with weak soy meal exports and settled 1.27% lower. 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.
According to Ministry of Agriculture soybean planting as on 12th June is reported at 10,000 ha. Sowing is yet to start in MP and Maharashtra.
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