Prices of soybean in Indore, Madhya Pradesh, hit an 18-month high due to a fall in arrivals while demand from oil millers improved. A downward revision of estimate of soybean production in Madhya Pradesh in 2017-18 (Jul-Jun) at 5.3 mln tn, against 6.9 mln tn in the first advance estimate is seen supporting prices of the oilseed.
Madhya Pradesh pegs 2017-18 soybean crop 5.3 mln tn
Madhya Pradesh has lowered its estimate for soybean production in 2017-18 (Jul-Jun) to 5.3 mln tn from 6.9 mln tn projected in the first advanced estimate. A downward revision in soybean production was mainly due to a dry spell during the growth stage that adversely affected the yield.