Soybean futures traded on a negative note on weak demand, weak soy meal exports. However, forecast of below normal rains and weak overseas markets supported prices and settled 0.41% lower. The CCEA has kept the MSP of soybean unchanged at Rs. 2500-2560/qtl.
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 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.
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