Soybean Futures Sluggish Trend

Soybean futures sluggish trend continued on weak global cues, physical demand and slack buying support in soya meal. Moreover, improved supplies due to record imports and subdued demand from oil mills at higher prices also pressurize prices. Soybean Jan future contract closed 3.10% down at Rs. 3,689 per quintal. The prices have tumbled in recent weeks due to sufficient arrivals in the domestic market coupled with lower demand for meal export.

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.

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