Indian farmer Suresh Dhane harvested soybeans from an acre of land nearly a month ago, but like millions of others has been holding onto his crop instead of selling it to oilseed processors, hoping prices will rise. Slow farmer selling has reduced oilseed crushing in India and could force the country to increase imports of edible oils such as soyoil, palm oil and sunflower oil even as local soybean output is expected to rise by more than a tenth from a year ago. "Last year I sold soybeans immediately after harvesting at 4,000 rupees ($53.70) per 100 kg and within a few months prices spiked above 9,000 rupees," Dhane said as he was drying soybeans outside his home.
Big U.S. harvests, near-perfect weather for planting in Brazil and signs of slowing purchases by top buyer China are bolstering supplies of two of the top globally traded commodities: soy and corn. The rising stocks indicate that prices for those key crops, as well as for other staples such as sugar and coffee, may have peaked after the surge sparked by the onset of the pandemic, farmers, brokers and analysts said. Lower crop prices would be good news for consumers after global food prices soared to the highest level in a decade, according to the United Nations food agency.
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