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Suresh P. Iyengar

Mumbai, July 10 Heavy rains in parts of Vidharbha, Maharashtra have washed away soyabean seeds sown in many areas.

Though sowing activities are at an early stage, traders expect kharif arrivals of soya to be delayed and thus push up prices in the short- term.

Quoting local traders, a Share Khan Commodities report said: “The rains have done enough damage. Market players expect soyabean price in Maharashtra to rise by 5-10 per cent to around Rs 1,700-1,800 per quintal by August.”

Soyabean for July delivery on NCDEX gained Rs 29 to Rs 1,608 per quintal on Tuesday from Rs 1,579 on July 2.

“The sowing activities are at early stage and it will peak up only by July-end through August, so the quantum of damage cannot be predicted at present. There is a possibility that farmers may go in for re-sowing to make up for the losses,” said Mr Shardul Sharma, research analyst, Share Khan Commodities Pvt Ltd.

In Madhya Pradesh, another major soyabean growing centre, arrivals have slowed down as farmers are engaged in sowing activities.

According to the Ministry of Agriculture, sowing is soyabean has been lagging behind due to non-equitable distribution of rainfall, but in the coming days it is likely to gather pace.

As on June 29, area under soyabean was 2.91 lakh hectares against 3.34 lakh hectares in the corresponding period a year ago.

More Stories on : Spices & Condiments | Climate & Weather

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