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India Soybean Arrivals Decline Amid Lower DOC Rates

4 Jun 2024 2:30 pm
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Mumbai, June 4 (Commodities Control) - The Indian soybean market is experiencing a significant decline in arrivals due to lower De-Oiled Cake (DOC) rates.

Total soybean arrivals across the country have reached 160,000 bags. Madhya Pradesh, the leading soybean producer, contributed 75,000 bags, while Maharashtra reported a substantial arrival of 75,000 bags. Rajasthan accounted for 5,000 bags, and the remaining states collectively added another 5,000 bags.


Soybean prices varied across different mandis. In Madhya Pradesh, prices ranged from ₹4,450 to ₹4,700 per quintal, while Maharashtra witnessed fluctuations between ₹4,400 and ₹4,650 per quintal. Rajasthan reported prices from ₹4,600 to ₹4,675 per quintal.

Soybean plant prices also showed regional variations. Madhya Pradesh reported prices between ₹4,725 and ₹4,825 per quintal, while Maharashtra experienced fluctuations from ₹4,725 to ₹4,800 per quintal. Rajasthan recorded plant prices in the range of ₹4,700 to ₹4,750 per quintal.

The decline in soybean arrivals due to lower DOC rates could potentially impact the overall soybean market in India. It remains to be seen how the market will adjust to this reduced supply in the coming days.

In addition to domestic challenges, the Indian soybean market is also being influenced by global trends. CBOT July soyoil prices fell by 1.38 cents to 44.14 cents per pound due to uncertain demand and expectations of strong U.S. seeding progress. CBOT July soybean futures also declined by 20-1/2 cents to $11.84-1/2 per bushel, hitting a one-month low amid anticipation of positive soy planting progress. CBOT July soymeal prices were not immune to the downward trend, ending down $5.2 to close at $359.5 per short ton. These international market movements are likely to further influence the price dynamics of the Indian soybean market.

(By Commoditiescontrol Bureau; +91-9820130172)



       
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