Soybean Futures Corrected On Friday On Lower Level Buying.

Soybean futures corrected on Friday on lower level buying. The prices have tumbled in recent weeks due to sufficient arrivals in the domestic market. Moreover, lower demand for meal export and subdued buying support by the oil mills also pressurizing the local soybean prices. Soybean Jan future contract closed 0.1.43 % down at Rs. 3,721 per quintal. The prices of soybean are now down nearly 7 per cent in last one month in the futures market.

As per the data release by SEA, Exports of soybean meal hit a historical low of 55,889 tonnes in the first eight months of current financial year against 2.50 lt logged in the same period last year. As per COOIT, India is likely to produce 7.2 mt of soybeans in 2015, a dip of 15.3 % over the last year, because of patchy rains in the top 2 producing states.

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