However, off-late several places in Central and Northeast India have recorded good rainfall, especially during the last fortnight. In fact earlier this month, Yavatmal, Wardha, Buldhana, Akola and Amravati in Maharashtra, witnessed record breaking rain which raised the hopes for Soya Oil industry. Moreover, this spell of rain has come as a huge relief to the people of Vidarbha region who were witnessing deficient rain.
Meanwhile, according to media reports, in Rajasthan, the area under soybean is likely to touch 10 lakh hectares, helped by late rains including recent rains and available irrigation facility. The crop is reported to be quite satisfactory.
It is worth mentioning here that July and August are the peak Monsoon months for most parts of the country. The average monthly rainfall amounts are also very high. And though it is expected that all the regions receive good rain during this period, the distribution of rain is still uneven.
Some places record very heavy rain and observe a monthly surplus, while the others witness less rain and are deficient.
The Market Watch writes on August 7, 2015:
While the weather bulls had driven soybeans to rally by $1.40 per bushel from mid June to mid July, reduced yields that many expected may not be coming to pass. While beans have since retraced some of their July gains, we feel the clock is running out for bean bulls and that further upside will be limited. This sets up a potential opportunity for short-sellers as harvest approaches in September.