Spot Market Update: Soybeans Near Five Month Low In Indore

Soybean prices dropped further in Indore amid weak cues from futures. The commodity has 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 0.50% on the day in Indore. These are the lowest levels in last five months for the commodity. 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 was expected in Kerala from the end of May or the first week of June, and will cover the country in the next 45 days.