In spot markets yesterday, prices were higher on improved export demand of domestic soy meal. Daily arrivals of soybean were at 2,500 bags yesterday in Indore mandi and 50,000 bags in M.P. (bag=100 kg).

Area under Soybean is reported lower at 92 lakh hectares till August this year as compared to 95 lakh hectares, in the same period last year.

The apex body of Soybean Processors¸ Soybean Processors Association of India (SOPA) has predicted over 90 lakh tonnes production of soybeans during this kharif season despite 4 per cent decline in the total sown area.

The USDA’s weekly export sales report released yesterday, which showed that the slightly below trade expectations in soybeans and soy oil and about in line in meal. Net sales for soybeans came in at 900 tonnes for the 2009/10 marketing year and 613,000 for the crop year that started on September 1st.

Courtesy: Angel Commodities

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