Soyabean trading range for the day is 2926-2960.Soyabean prices dropped
on higher arrivals in local mandis and on subdued demand for soymeal
from poultry sectors.Arrivals in the local mandis were estimated at
130,000-133,000 bags as compared to 50,000-65,000 bags on the previous
day.NCDEX accredited warehouses soyabean stocks dropped by 622 tonnes to
192838 tonnes.At the Indore spot market in top producer MP, soybean
dropped -7 Rupees to 3014 Rupees per 100 kgs.
Domestic soybean prices in Brazil have declined significantly in
recent weeks convincing Brazilian farmers to continue to be slow sellers
of their 2016/17 soybean crop in the hope of better prices in the
future. The prices for soybeans in Brazil have declined R$ 6 to R$ 7 per
sack over the last 40 days (approximately $0.87 to $1.02 per bushel)
and prices are now at their lowest point in two years. In the state of
Parana for example, soybean prices are now below R$ 60 per sack in many
areas or approximately $8.80 per bushel.
Brazilian farmers have
sold approximately 45% of their anticipated 2016/17 soybean production
compared to 65% last year at this time and 45% average. This year's
selling pace is especially slow considering the rapid harvest pace and
the fact that farmers have a record large soybean crop to market.
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