Soybean remain volatile amid questions over sowing intentions

Soybean prices in the local market still remain high with market participants focusing on the sowing intentions in Madhya Pradesh and Maharashtra. There is a probable shortage of seed in the market amid a slow-down in the monsoon rains in Maharashtra. This could cause a delay in the sowing of the soybean. But so far the rainfall has been adequate in the states. It will be crucial to keep an eye on the pattern of rainfall in three key states namely Madhya Pradesh, Maharashtra and Rajasthan.  According to a report, rainfall activity is expected to increase in the second week of July especially in central and peninsular India. Further progress of south-west rainfall in the north-west Rajasthan, Punjab, Haryana has been delayed by another 5-6 days.