According to Ministry of Agriculture soybean planting as on 1th September is reported at 11.01 mn ha compared to 12.22 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 4th Advance Estimates, projected 2013-14 soybean output at 11.99 mn tn as against 14.67 mn tn in 2012-13. Soy meal exports in August ’14 have declined 98.49% to 2,778 tn from 183,555 tn in August ’13 on poor demand and lower availability for crushing due to higher Indian quotes for foreign buyers.
Outlook
Soybean futures are expected to trade on a negative note. Good rains, weak overseas markets and weak soy meal exports, may pressurize prices. However, tight supplies of the old crop may support prices
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