Soyabean on weekly prices gained by around 9.44% on concerns over crop damage in the top producing Madhya Pradesh state.

Crop damage concerns are rising as the weather department has forecast more rainfall in Madhya Pradesh.

Soybean crop is maturing and more rains can damage it.

Indian soybean production is likely to rise as much as 18 percent to a record 13.34 million tonnes in 2013/14 from a year earlier as rains boost crops in key growing areas.

As of now there were 12.13 million hectares devoted to soybean cultivation in India compared with 10.64 million hectares a year ago, farm ministry data showed last week.

Arrivals of soyabean in Madhya Pradesh state dropped by 5000 bags of 100kg each to 20000 bags of 100kg each.

Arrivals of soyabean in Maharashtra state dropped by 5000 bags of 100kg each to 10000 bags of 100kg each.

As per the SEA of India data, the export of oil meals during June 2013 is reported at 348,946 tons compared to 311,089 tons in June 2012 i. e. up by 12%.

However, the total export of oil meals during April-June 2013 is down and reported at 850,951 tons compared to 1,074,034 tons during the same period of last year.

Outlook:  Concerns over crop damage in the top producing Madhya Pradesh state will keep prices supported for next week also can see prices testing 3600-3650 range soon.