Amidst the pressures faced by soybeans in India, there’s a glimmer of hope as soybeans’ futures price strengthens in the international market. Not just soybean, but the cost of soybean cake has also seen an uptick. Analysts predict India’s soybean market may improve if this positive trend continues globally. India’s soybean market heavily relies on international dynamics. As soybean and soybean cake prices rise globally, India also experiences a boost. However, the country is grappling with immense pressure in the edible oil market this year. To counter this, the government has minimized the duty on edible oil imports, leading to a significant inflow of cheap goods and a drop in soybean prices.
The entry of competitively-priced Brazilian soybeans into the international market has pressured soybean cake prices. Moreover, the current situation of soybean crops in the US is influencing global prices. While recent rains caused fluctuations, the past three days have internationally improved soybean and soybean meal prices. US soybeans have been available since September, and October marks the peak of the soybean season. However, Chinese buyers are currently negotiating October deals with Brazilian exporters, indicating a preference for Brazilian soybeans in the last quarter of this year. The affordability of Brazilian soybeans is a critical factor in this shift.
The soybean market is currently a mixed bag with the arrival of around 60,000 quintals, but domestic sowing remains as slow as molasses, creating further ripples in the market. According to market veterans, India’s soybean market’s future is hanging in the balance, closely tied to global prices, the success of domestic crops, and the whims of rainfall as the journey unfolds.
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