Soybeans Surge On Expected Delay In Monsoon

The NCDEX Soybean futures edged up impressively today, extending their recent upmove on concerns that the Kharif plantings would get delayed on late arrival of monsoon rains. The benchmark futures hit a one month high of Rs 3819 per quintal and currently trade at Rs 3805 per quintal, up 0.90% on the day. Prices have been rising constantly over last one week.

The monsoon will hit the Kerala on June 6, five days after its normal onset date, the India Meteorological Department (IMD) said today. This year, the statistical model forecast suggests that the monsoon onset over Kerala is likely to be slightly delayed. The southwest monsoon onset is likely to set over Kerala on 6th June with a model error of plus or minus 4 days, according to the IMD.