Soyabean and Mustard spot prices in the domestic market may continue to rule higher in the next few days on the back of strong crude oil prices amid firm overseas markets.
Soyabean spot price in Indore mandi was up by 11% to trade at Rs 2729 per quintal on Monday over past one month while mustard spot price in Jaipur mandi was also increased by 9% to trade at Rs 651.10 per 20 kg mainly on reduced offerings. Soyabean sowing started with low pace because of poor performance of monsoon over Madhya Pradesh. Sowing in Madhya Pradesh has been completed in only about 15-20% of the total area.
Area brought under soybean cultivation during the period June 1-26 was 8.11 lakh hectares against 9.96 lakh hectares planted in the same period a year ago.
Area brought under total oilseeds cultivation was 1.92 million hectares compared to 1.84 million hectares a year ago, according to latest Weather Watch Report released by Union Ministry of Agriculture,
?Sharp decline in mustard arrivals is indicating ending of season in the country and anticipation of further fall in arrivals to physical markets may create additional buying activity in futures market,? an analyst with Karvy Comtrade said. NCDEX Soyabean July futures were up by Rs 285 to trade at Rs 2750 per quintal on Monday while Mustard July futures were also up by Rs 15.55 to trade at Rs 653.05 per 20 kg.