Soybean futures edged higher to close at 3,659 rupees per 100 kg on Wednesday tracking clue from physical market. Prices have now consolidating at current levels due to beneficial rains across soybean producing belts of MP and Maharashtra. As per farm ministry, acreage under soybean is 111.5 lakh ha so far, up from last year acreage of 111 lakh ha. Area in MP improved so as in Maharashtra. Earlier, it was trading under pressure as monsoon revival, good supplies and lower demand for soymeal exports but increase suddenly on jump in edible oil prices. Government increase MSP price by 9% or 311 rupees to 3,710 per 100 kg for 2019/20 which also helps to increase acreage this year. As per SOPA, the arrivals of soybean this season is 94.25 lt compared to 80 lt last year.
Soy meal exports provisionally down by 59% in July to 26,000 tonnes compared to last year. Similarly, exports in first 4-months of FY 2019/20 (Apr-Jul) are down by about 41.5% to 1.83 lt compared to 3 lt last year. In the 4th advance estimates, government increased production forecast of soybean to 137.83 lt vs 137.43 lt in 3 rd estimate. USDA kept soybean output forecast unchanged at 109 lt in 2019/20 but down 5.2% y/y.
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