Capital stroke NCDEX Update Update : SOYABEAN 19-AUG-2014

According to Ministry of Agriculture soybean planting as on 14th August is reported at 10.79 mn ha compared to 12.1 mn ha last year. There have been concerns over below normal monsoon this 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 July ’14 have declined 93.8% to 6,635 tn from 107,038 tn in July’13 on poor demand and lower availability for crushing due to higher Indian quotes for foreign buyers.

Outlook

Soybean futures are expected to remain weak. Improved sowing, good monsoon, weak soy meal exports and bearish overseas markets may keep prices under pressure. However, tight supplies of the old crop may support prices. short covering may be seen at lower levels.



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