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India Soybean Arrivals Dip Amid Negative Market Sentiment

8 Jun 2024 2:24 pm
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Mumbai, June 8 (Commodities Control) - Soybean arrivals across India have decreased due to prevailing negative market sentiment. Total arrivals reached 75,000 bags, with Madhya Pradesh leading at 25,000 bags, followed by Maharashtra (40,000 bags) and Rajasthan (5,000 bags).

Soybean prices varied across mandis, reflecting regional market dynamics. Madhya Pradesh saw prices between Rs 4,500 and Rs 4,675 per quintal, while Maharashtra and Rajasthan prices ranged from Rs 4,450 to Rs 4,650, and Rs 4,550 to Rs 4,650 per quintal respectively. Similar variations were observed for soybean plant prices.

The downward pressure on CBOT soy oil prices, stemming from robust crop expectations and higher U.S. soy oil stocks, could further exacerbate the negative market sentiment in India. As a major soybean producer, India is not immune to global price fluctuations. The falling soy oil prices in the U.S. could potentially lead to lower import prices for Indian buyers, putting additional downward pressure on domestic soybean and soy oil prices. This could further dampen farmer sentiment and contribute to the already declining soybean arrivals in the country. Market participants in India will be closely monitoring these global developments as they navigate the evolving market landscape.

(By Commoditiescontrol Bureau; +91-9820130172)

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