At the spot market, soybean prices
declined almost Rs 100-150 per 100 kg in spot markets in a fortnight due to
weak demand from crushers.
Plant delivery prices were Rs 3,825-3,860
per 100 kg against Rs 3,850-3,900 per 100 kg couple of weeks ago.
Currently, average daily arrivals in
Madhya Pradesh is around 100,000 bags of 100 kg each which were around 250,000
bags a month ago.
There are expectations of improvements in
supply situation in the coming days which may lead to pressure in the counter.
Currently, both soymeal and soyoil demand
is extremely low which is affecting the soybean buying in the domestic markets.
Soymeal export demand is low as the overseas
buyers are finding the Indian prices higher compared with other international
suppliers.
Soy meal, exports price at Kandla
(Dec-Jan delivery) quoted lower at Rs 34,600/MT.
Soy meal prices depicted a weak trend, in
tandem with the domestic soybean prices, led by a weaker exports demand by
overseas exporters.
India's soya meal exports are likely to
decline more than a quarter to 3 million tons in the year to September 2014 as
overseas buyers opt for
cheaper
supplies from South America.
India's soy meal prices continue to get
competition from South American meal. Indian meal is priced higher than the
South American meal
currently
and market is about to enter the seasonally higher exports period. Also,
soybeans exports from South America are likely to increase once
harvesting
of the new crop begins.
Pressure from higher output forecasts in
South America as well as favorable weather conditions in the key producing
regions will impact the
market.
Soyabean prices in Nagpur Agriculture
Produce and Marketing Committee (APMC) quoted down on lack of buying support
from local crushing
plants.
Fresh fall in soyabean oil, no takers to soymeal, and weak trend in Madhya
Pradesh soyabean prices said to be the reasons for downward
trend
in soyabean.
Argentina will harvest 55 million tonnes
of 2013/14 soy, Rosario exchange said.
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