According to Ministry of Agriculture soybean planting as on 4th July is reported at 445,100 ha compared to 4.35 mn ha last year. There are concerns over below normal monsoon season, emergence of El-Nino and shortage of seeds for kharif 2014 sowing. CCEA has kept the MSP of soybean unchanged at Rs. 2500-2560/qtl.
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 June ’14 have declined to 86,741 tn, down 78.9% y-o-y from 411,000 tn on poor demand and lower availability for crushing due to higher Indian quotes for foreign buyers.
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