Soya is currently trading at around 4100 on NCDEX. There is a possibility of more bounce in the price of soy. Soy crops in Maharashtra and Madhya Pradesh suffered a lot due to rain due to which the prices of soybeans are increasing. Soybean crop has lost 20 to 30 percent in Madhya Pradesh due to lack of rain in August and rain in Maharashtra. Soya is currently running around 4100 and is expected to cross 4400 within 2 months.
Monsoon increased prices of soy
Most of the soy in the country is in Maharashtra and Madhya Pradesh and in both the states, 20 to 30 percent of the soy crop was damaged due to weather, due to lack of rain in Madhya Pradesh and excessive rain in Maharashtra. Apart from this, oil content in soy has decreased due to rain, due to which demand for soy has increased.
Mustard also increased soy prices
One of the reasons for the rise in the price of soya is the increase in the rate of mustard prices and increasing rates of mustard oil and blending in mustard oil is also forbidden, due to which mustard prices are increasing more rapidly. With the increase in mustard prices, the prices of other oilseeds are also increasing because their demand is increasing, so the prices of soya are also increasing.
No more increase in production
According to data from the Soybean Processors Association of India (SOPA), in the current crop year, in October-February, soybean production is estimated to be 10.4 million tonnes, as compared to 93 million tonnes of soy produced in the previous year. The partial increase in production of soy is slight and due to its crop wasting in two main states, prices of soy are increasing.
Import is also not expected to reduce prices.
According to Anuj Gupta, deputy vice president, research (commodities and currencies), Angel Broking, even if it is imported to control the price of soy, it cannot be expected to soften its prices because of two to three storms in the US The reason is that the soy and cotton crops have been ruined there. Due to this, the supply of soy is also likely to improve globally. Let us know that America is the second-largest soy producer in the world. At this time, most soy is produced in Brazil, but until a year ago, the most soy was in America. According to Anuj Gupta, the next crop will come by January and then there will be a decline in its price. Its prices can go up to 3400-3500.
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