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As on: Feb 24, 2019 10:27 AM
Spot Market Update: Soybeans Slip As Markets Eye Arrivals
14-Sep-18   16:43 Hrs IST
Soybeans fell today after a good recovery as markets eyed Kharif arrivals. Prices gained this week but the gains were undercut today. The ready Soybean crop is in a good shape and weather also remains supportive. Spot prices dropped near Rs 3400 per quintal in Indore today, easing around 0.30% on the day. The MSP for Soybeans was hiked to Rs 3399 per quintal for the 2018-19 season, marking a spurt of 11.44%. The new MSP is offering a return of 50% on cost. However, there has been a spurt in domestic oilmeals exports in recent weeks and an all time low Indian Rupee is expected to support the demand. According to the Solvent Extractors' Association of India (SEA), the export of oilmeals during August 2018 was provisionally reported at 227,939 tons compared to 261,356 tons in August 2017. The overall export during April to August 2018 is reported at 1,192,095 tons compared to 986,606 tons during the same period of last year i.e. up by 21%.

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