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 down by 26.16 percent held at National Commodity Clearing Limited (NCCL) approved warehouses at Akola, Indore, Kota and Latur locations. The stocks held as on February 18, 2021 was 35,204 MT compared to 47,676 MT as on January 18, 2021
  • All India mandi arrivals was down by 26 percent from October 1, 2020 – February 19, 2021 which was 30,20,160 MT compared to 40,94,934 MT

Monsoon Update

For the country as a whole, cumulative rainfall during this year’s winter season till February 17, 2021 is below Long Period Average (LPA) by 23 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 range-bound movement with firm bias in immediate / short term
  • The Government had increased the Minimum Support Price (MSP) of Soybean by 4.58 percent to ₹ 3,880 per quintal for marketing year (MY) 2020-21 compared to ₹ 3,710 in 2019-20
  • Overall Soybean spot market prices would continue to trade above the MSP because according to various media reports there has been better domestic demand and robust overseas soymeal demand

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