September 25, 2003

 

 

Indian Soybean Outlook Steady

 

As soybean harvesters gear up for a record yield in India, market watchers are predicting a firm brace on the country's soy prices. 

 

Adequate rains and acreage for the crop will likely see bumper harvests for soybean this year, said Mr Sivakumar, Chief Executive Officer of the International Business Division of ITC Ltd.  But excessive rains in the next two weeks could also lead to crop damage, he said.

 

Expected soy prices will range from Rs 10,500-11,000 (US$1 = Rs 45.82) a tonne for farmers early in the season if buying was staggered. Government intervention or procurement would be unnecessary, say Mr Sivakumar, as robust Asian demand for soy would lead to a sharp recovery for the oilseed.