Soybean futures traded on a mixed note on Wednesday. Weak soy meal export coupled with favorable monsoon conditions and fears that the government may take some steps to curb inflation pressurized prices. However, prices recovered from lower levels on short coverings and tight supplies settled 0.07% higher.
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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