Soybean Futures Prices Closed Lower On Thursday

Soybean futures prices closed lower on Thursday due to expectation of better harvest as rains have eased in MP, the largest producer of soybean. Soybean Oct’16 contract closed 0.27% lower to settle at Rs. 3,729 per quintal. The SOPA has estimated a 3-5 % dip in kharif soybean sowing to 112.2 lakh hectares (lh). Moreover, low demand and expectation of good production from next year crop and reports of higher edible oil imports may keep pressurizing the prices.

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