Soybean futures traded on a negative note on the back of weak demand, weak soy meal exports and weak overseas markets. Forecast of below normal rains supported prices and settled 1.68% 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 19th June is reported at 15,000 ha compared to 28,000 ha last year.
For more details visit: http://www.capitalstroke.com/ or contact on 0731-3299704
0 comments :
Post a Comment