Chennai: A record rate for soyabeans in the global market is likely to prompt farmers to plant more of the oilseeds this year.
There is an aim among farmers to grow more soyabean this year. But rains in the next couple of weeks hold the key to any increase in area, said Soyabean Processors Association of India (Sopa). In Asian trade on July 3, soyabean July contract was cited at a record $16.51 a bushel ($750 a tonne). Soyabean rates have been increasing since last week on worries that the US weather may not be conducive for the crop's growth.
Last year, soyabean output in the country was a record 95 lakh tonnes against 71.5 lakh tonnes the previous year. The production was up on increased acreage of 88.5 lakh hectares and good monsoon.
There is an aim among farmers to grow more soyabean this year. But rains in the next couple of weeks hold the key to any increase in area, said Soyabean Processors Association of India (Sopa). In Asian trade on July 3, soyabean July contract was cited at a record $16.51 a bushel ($750 a tonne). Soyabean rates have been increasing since last week on worries that the US weather may not be conducive for the crop's growth.
Last year, soyabean output in the country was a record 95 lakh tonnes against 71.5 lakh tonnes the previous year. The production was up on increased acreage of 88.5 lakh hectares and good monsoon.
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