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International
Soybeans rise but hefty South American supply keeps speculators bearish
Brazil 2023/2024 soybean crop view raised to 151.5 million tonne
Abundant rainfall forecasted for the upcoming days will persist in supplying moisture to most Argentina's
agricultural areas, which will be advantageous for soybean cultivation.
The industry association Abiove has revised down its projection for Brazil's 2024 soybean production for the
second time this month, now estimating it to be 153.8 million metric tonne, attributing the adjustment to
unfavorable weather conditions.
Domestic
Soybean plant prices at Indore, Madhya Pradesh decreased by 5% at INR 46,050/tonne from the previous week.
The weekly average prices of Indore soymeal price decreased by 3% to INR 40,600/MT from last week.
Soybean prices fell in Ashoknagar, Madhya Pradesh. Demand is weak in the market.
Ministry of Agriculture and Farmers welfare releases second Advance estimates for the year 2023-24 on
Thursday 29 February, according to which soybean area and production decreases by 0.6% to 13 miln hectares
,16.2% to 12.6 mil tonne respectively for Kharif season. Yield decreases by 15.6 % to 1 tonne/ha.
