- Soyabean prices dropped on weak physical demand and expectation of higher oilseed production next season also keeping prices in a range.
- Spot soybean prices edged higher at the key Indore market due to strong domestic demand for soybean meal. Soybean priced ₹75-100 higher at ₹3,600-3.775/100kg at the Indore market, while soybean meal rose by ₹800 at ₹30,700 per tonne.
- Demand in soybean meal was good mainly due to improved demand from poultry feed industry. A weaker rupee is adding to the upside in the edible oil complex, as it makes imports costlier.
- In news, the Madhya Pradesh government has declared an incentive of 100 rupees per 100 kg on minimum support price for mustard to registered farmers. The incentive will be provided to the farmers who have harvested the crops in 2017-18 (Jul-Jun) Rabi season.
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