Timely planting and sufficient rains through most of July in the major grain producing states is likely to support MY 2015/16 Kharif grain production prospects. However, sufficient rains throughout August and September will be critical for achieving forecast normal yields.
The inputs provided by the USDA report on August 12 were negative and had pressured price levels of US soy complex on the same day. Overall, the global supply outlook for soybeans in 2015/16 remains positive, notwithstanding the recent downward revisions.
Soyabean trading range for the day is 3085-3179.
Soyabean prices settled flat as sluggish demand for soymeal in export markets, capped some gains in soyabean prices.
However, sluggish demand for soymeal in export markets, capped some gains in soyabean prices.
However, sufficient rains throughout August and September will be critical for achieving forecast normal yields.
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