Spot Market Update: Soybeans Recover From Nine Month Low On Bargain Buying

Soybeans gained further from nine month lows on bargain buying. Prices fell this week as demand for ready oil and oilcakes is rather tepid. Prices have dropped in last few weeks on the ideas that the domestic Soybean harvesting will pick up soon. The ready Soybean crop is in a good shape and weather also remains supportive. The MSP for Soybeans was hiked to Rs 3399 per quintal for the 2018-19 season, marking a spurt of 11.44%. The new MSP is offering a return of 50% on cost. Spot Soybean is quoting at Rs 3214 per quintal in Indore, up 0.35% on the day.