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Soybean supplies double in Madhya Pradesh compared to last week as harvesting gains pace and new crop reaches the spot markets, said traders.
Arrivals in Madhya Pradesh were around 100,000 bags on Monday, mostly new crop, compared with average daily arrivals of 50,000 bags last week. Arrivals in Indore, soybean trade hub of the country, were around 9,000 bags of 100 kg each. "Harvest in gaining pace in almost all growing areas and it may get over in the coming 2 weeks in the state," said Shekhar Thakur, a soybean farmer from Dewas near Indore.
Traders feel the supplies are likely to be more in the coming days in all soybean growing states. At present, the moisture content in the new soybean crop arriving in Madhya Pradesh spot markets is between 15-25 per cent, said traders.
