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Soybean prices falling as world set for record production; oil prices may decline
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Monday, 28 October, 2024, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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Traders expect record production by USA, world's major soybean producing country, and as a result soybean prices are continuously falling.
Shankar Thakkar, president, All India Edible Oil Traders Federation, has said that the U.S. Department of Agriculture raised its forecast for soybean production from a month earlier, raising expectations for a huge global supply.
The agency revised its 2024/25 soybean crop forecast to a record 4.589 billion bushels in its monthly supply-demand report, exceeding analysts' expectations and last month's forecast.
Thakkar added that in the report released by the American Department of Agriculture (USDA), the soybean crop in America has been estimated to be a record 1249 lakh tonne, which was 1134 lakh tonne last year, the estimate of soybean production in Brazil was also increased to a record 1690 lakh tonne, which was 1530 lakh tonne last year, and similarly in Argentina too this production has increased to a record 510 lakh tonne, which was 490 lakh tonne last year.
The total production of the world is estimated to be 4287 lakh tonne, which was 3952 lakh tonne from last year.
"If we talk about India, the production is estimated to be 125-30 lakh tonne and there is a possibility of having a huge amount of carry stock. If the government does not increase the import duty, people will get soybean oil at affordable prices this year," said Thakkar.
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