Spot Market Update: Soybeans Demand Steadily Picking Up After Recent Price Correction

Demand for ready Soybean is steadily picking up. The markets are also eyeing ready oil and meal market. Soybean prices have slipped recently as calls of a normal monsoon continue to weigh on the demand. The commodity is currently trading at Rs 3805 per quintal, up 0.11% on the day in Indore. The India Meteorological Department (IMD) has recently forecast a normal monsoon at 97% of long period average for the country. 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.