Domestic Market Update on Soyabean Crop
In the domestic markets, soybean prices witnessed a seesaw session but ended the day on a positive note. Weather premiums continue to build as arrivals in the spot markets remain lower due to slowdown in the harvesting process. The active monsoon trough over the Western and Central India have bought heavy showers leading to concerns over crop damage. Heavy rains in Gujarat have damaged the groundnut crop which is supporting sentiments across the oilseed market. Arrivals of soybean in the Madhya Pradesh spot market were 100,000 bags. Mustard prices surged in yesterday’s session on active buying interest ahead of the festival season. . For the day we expect the bias to remain positive due to unfavourable weather conditions.
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