Commodity Outlook – Soybean

Sowing period: June to July
Harvesting period: October to November
Crop season: Kharif

Key growing regions:

  1. Madhya Pradesh – Sehore, Raisen, Bhopal, Vidisha, Sagar, Guna, Harda, Hoshangabad, Betul
  2. Maharashtra – Buldhana, Latur, Amravati, Yavatmal, Washim, Nanded, Akola, Hingoli
  3. Rajasthan – Kota, Bundi, Baran, Pratapgarh, Jhalawar, Banswara, Chittorgarh, Tonk
  4. Karnataka – Belgaum, Bidar, Dharwad, Haveri

Production trend and Stock position:

  • As per the Ministry of Agriculture first advance estimate released on September 22, 2020, Soybean production for FY 2020-21 was 122.15 lakh metric tonne (LMT) compared to FY 2019- 20 which was 135.83 LMT, up by 21.11 percent
  • Stock positions of Soybean were up by 16.80 percent held at National Commodity Clearing Limited (NCCL) approved warehouses at Akola, Indore, Kota and Latur locations. The stocks held as on December 30, 2020 was 35,241 MT compared to 30,173 MT as on November 30, 2020

Monsoon Update

For the country as a whole, Seasonal cumulative rainfall during this year’s southwest monsoon season upto December 30, 2020 was above Long Period Average (LPA) by 1 percent. Details of the rainfall distribution over the four broad geographical regions of India are given below:

Market commentary: Price outlook

  • Soybean prices are likely to trade upward with firm bias in immediate / short term
  • Overall Soybean spot market prices would continue to trade above the Minimum Support Price (MSP) because according to various media reports there has been improved demand from domestic oilseed crushers
  • The Government had increased the MSP of Soybean by 4.58 percent to ₹ 3,880 per quintal for marketing year (MY) 2020-21 compared ₹ 3,710 in 2019-20.

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