Spot Market Update: Soybeans Failing To Hold On Calls Of Normal Monsoon

Soybean prices are failing to hold on as calls of a normal monsoon continue to weigh on the demand. Prices dropped from their one and half year highs recently. The commodity is currently trading at Rs 3750 per quintal, down 0.90% on the day in Indore. The India Meteorological Department (IMD) forecast a normal monsoon at 97% of long period average for the country on Monday. Considering the Indian Ocean variability, India is going to witness the third successive normal monsoon with a quantitative figure of 97% plus minus 5%. The onset of monsoon is expected in Kerala from the end of May or the first week of June, and will cover the country in the next 45 days.