Soyabean Gained Amid Tightening Inventory Situation in the Country – India

yesterday settled up by 2.9% at 8127 amid tightening inventory situation in the country and amid slower pace of sowing. Government reports indicate that the weakening of rains has impacted the sowing of crops in Maharashtra, Gujarat, Rajasthan, Haryana, and Punjab. Area sown under soybean was lagging behind last year’s area by nearly 11.05 percent.

Planting of overall oilseeds, including soybean, was at 11.2 million hectares, down from 12.6 million hectares the previous year. A “break” in the monsoon has affected Kharif sowing in many parts of the country this year. However, the area under soybean planting is likely to increase by 5-7% across the country this Kharif season despite speculation in the market over the shortage of seeds.  
Farmers, however, are keeping their fingers crossed due to the break-in monsoon and hope for a revival of the monsoon to ensure a good crop. In the 2020 Kharif season, soybean cultivation took place on 120 lakh more...