Sumeet BagadiaNCDEX Soybean future had majorly traded mixed during the current month of July and August so far, owing to positive monsoon season, and higher sowing in Madhya Pradesh and Maharashtra. Moreover, there have also been reports of higher sowing in the United States by 5-10 percent and currently, the crop is blooming at 85 percent, higher compared to 68 percent of the corresponding period last year till mid-July.However, prices remain supported from the lower levels, as China continued to buy US Soybean Futures to trade bearish, as sentiments in the domestic market continue to be favourable for a good crop this year with sowing having to be completed in the above states. This has brought cheers in the domestic market as Soybean sowing and yield are expected to witness incline by 15-20 percent compared to the last year 2019-20 in the major states of Madhya Pradesh, Maharashtra and Rajasthan.Harvesting in the smaller regions of the above states is expected to begin by the first week of September onwards. Conversely, the price could also find support from the lower levels as the Central government is likely to raise import duties on vegetable oils such as soy oil, based on recent sources… Read full this story
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