June 29, Indore (Soybean Watch):  Soybean prices were up Friday on dry weather due to delayed monsoon in growing regions of Madhya Pradesh, said traders.

Monsoon rains generally reach the soybean growing regions of Madhya Pradesh by June 14-15.

Madhya Pradesh is the biggest producer of soybean in India.

Both Malwa and Nimar, major soybean growing regions of Madhya Pradesh, are still awaiting monsoon rains.

“Farmers have prepared their fields but it seems sowing will get delayed this season,” said a mill buyer.

Delayed sowing indicates supply shortage in the coming days, said traders.

Currently, arrivals in spot markets are not encouraging and new crop is still atleat 2-3 months away, said traders.

Friday, farmers delivered around 2400 bags of 100 kg each to Indore.

Across, Madhya Pradesh arrivals were 32,000 bags of 100 kg each.

“If rain gets delayed further, we expect atleast Rs 50-100 per 100 kg gains in the coming days,” said P Goyal, a soybean trader in Indore.

Also, analysts feel domestic markets are getting regular support from overseas conditions.

CBOT soybean prices were showing gains due to dry weather in US and Malaysian palm oil prices were up on some positive development in EU summit.

Soybean prices in Rs per 100 kg (excluding VAT) in Indore: