Spot Market Update: Soybeans Slip Further In Indore

Soybean prices have slipped recently as calls of a normal monsoon continue to weigh on the demand. The commodity is currently trading at Rs 3570 per quintal, down 0.40% 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.