The US wants greater access for its GM crops, something which India is unlikely to yield as trade negotiations enter the final lap
India is likely to allow increased imports of energy products, edible oils, automobiles, and defence equipment, among others, in order to slash the looming Trump tariffs.
The upcoming soybean and groundnut harvests in October are anticipated to further mitigate any inflationary effects of the duty hike on edible oil, according to economists.
Health benefits of soybeans: A nutritional powerhouse, soybeans are rich in dietary fibre, supporting digestion and a feeling of fullness. They are also a good source of healthy polyunsaturated fats, including omega-3 and omega-6 fatty acids, which promote cardiovascular well-being.
Since India is currently outpriced for soybean meal export as compared with other countries like Brazil and Argentina, the country is unlikely to undertake shipments in the next two-three months, it said in a statement.
Latin America, a large market for UPL, is seeing a better crop season. Brazil is forecast to produce a record soybean crop
Apart from edible oils, several daily essential products, such as soaps and shampoos, have become dearer as FMCG companies hike prices to offset increasing inputs costs. However, many experts say while the move may spell good for companies, consumers may not benefit much.
Unlike other green fuels such as biodiesel, renewable diesel can power conventional auto engines without being blended with diesel derived from crude oil, making it attractive for refiners aiming to produce low-pollution options.
The futures contracts in Hi-pro soybean meal, expiring in the months of March to September will be available for trading at the time of the launch.
Regular rainfall during harvesting and the pest and disease attacks in Madhya Pradesh and Rajasthan, biggest and third biggest producers in the country respectively, badly affected crop and led to low yields, according to the Soybean Processors Association of India.
In the futures market, Soybean for September delivery touched an intraday high of Rs 3,910 and an intraday low of Rs 3,856 per quintal on NCXEX.
Spurred by monsoon rains, which deliver about 70 percent of India's annual rainfall, farmers have planted a record acreage with summer crops such as rice, corn, cotton, soybeans and sugarcane.
On the daily timeframe, NCDEX Soybean September has given a downward breakout from its 'Ichimoku Cloud' which signals that the bearish trend is intact.
Soybean for July delivery went up by Rs 40, or 1.06 per cent, to Rs 3,828 per quintal with an open interest of 32.260 lots.
On the National Commodity and Derivatives Exchange, soybean contracts for June delivery fell Rs 14, or 0.37 percent, to Rs 3,790 per quintal with an open interest of 78,340 lots.
On the National Commodity and Derivatives Exchange, soybean contracts for June delivery fell Rs 10, or 0.26 percent, to Rs 3,788 per quintal with an open interest of 78,125 lots.
On the National Commodity and Derivatives Exchange, soybean contracts for May delivery fell Rs 4, or 0.1 percent, to Rs 3,882 per quintal with an open interest of 3,745 lots.
On the National Commodity and Derivatives Exchange, soybean contracts for May delivery fell Rs 10, or 0.26 percent, to Rs 3,876 per quintal with an open interest of 27,765 lots.
Soybean sowing in United States could be delayed amid lockdown situation, however, the demand for Soymeal has substantially declined globally due to COVID-19 which is expected to cap major upside movement in the coming weeks.
According to Angel Commodities, Soybean futures fell 0.82% on Tuesday due to fresh selling initiated by market participants on beneficial rains across soybean producing belts of MP and Maharashtra.
According to Angel Commodities, NCDEX Aug Soybean closed positive on Tuesday after it slipped to 4 weeks low due to short covering by the market participants.
The drop pulled down the country's total oil meal exports to 166,301 tonnes in July, 23% lower than a year ago, the association said in a statement.
According to Angel Commodities, NCDEX Aug Soybean closed lower on Thursday due to profit booking. The prices are under pressure due to monsoon revival and lower demand for soymeal exports
According to Angel Commodities, NCDEX Aug Soybean closed lower on Tuesday due to monsoon revival and lower demand for soymeal exports.
According to Angel Commodities, NCDEX Aug Soybean closed higher on Thursday but still trading in a tight range as monsoon revival expected in this week.