Soyabean futures continued their bearish trend today on account of weak global markets amid a record pace of harvesting in the US — the top producer of the bean. Also, harvesting in the domestic market has begun, raising hopes for increased supplies.
The oilseed for October delivery on the NCDEX slipped by 1 per cent to Rs 3,270.5 a quintal, while the November and December series slipped 1.1 and 1.3 per cent to Rs 3,255 and Rs 3,297.5 respectively.
As on September 20, oilseeds have been sown on 174.39 lakh hectares compared with 178.16 lakh hectares in the same period last year. The soyabean area is higher at 106.9 lakh hectares. According to the first advance estimates, soyabean output is pegged at 126.2 lakh tonnes (lt) for 2012-13.
In the spot market at Indore (Madhya Pradesh), soya was quoting down at Rs 3,320/quintal.
Globally also soyabean has been ruling low due to the fact that the US and Brazil, major producers of the bean, have started harvesting amid improved rains.
Brazil could churn out 81 million tonnes of soyabean to replace the drought-stricken US as the world's top soyabean producer, according to the US Department of Agriculture report.
Soyabean on the benchmark Chicago Board of Trade fell 0.13 per cent to $15.71 a bushel, having ended the previous session down 2.39 per cent.