If India wants to increase production of soyabean to meet domestic demand, it should allow use of innovative technologies, including genetically modified organism or GMO or allow imports from global market. The existing processing capacity can be utilised by importing oilseed and highlighted that India’s neighbour like Bangladesh is buying from overseas market. India is fifth largest producer of soyabean in the world with production of around 10-12 million tonnes, while the US at the top with 120 million tonnes output.
Indore refined soyoil falls as soy arrivals seen up.
Prices of refined soyoil fell in Indore as new crop arrivals of soybean are expected to increase in the coming days. Subdued demand in the local market, along with weakness in soyoil contracts on CBOT is seen weighing on prices. New crop arrivals of soybean in Madhya Pradesh, estimated at 10,000 bags as compared with 4,000 bags on Saturday and are estimated to increase in the coming days.
NCDEX soybean down 1% on improved weather prospects.
Futures contracts of soybean on the NCDEX fell over 1% due to improved weather forecast in major growing areas in coming days. Soybean futures hit a three-week high on reports of crop damage due to rainfall in Madhya Pradesh. Clear skies in key growing areas have erased worries of further crop damage. Arrivals of soybean in Madhya Pradesh estimated at 70,000-80,000 bags (1 bag = 100 kg), higher than 40,000 bags on Saturday.