Soybean Futures Closed Higher On Wednesday

Soybean futures closed higher on Wednesday due to lower level buying by the market participants tracking international prices. Government may consider to increase import duty on soy oil which also positive for soybean prices. Meanwhile monsoon rains keeping soybean fields well irrigated increasing the chances of bumper crop. The most-active Oct’16 delivery contract closed 0.37% higher to settle at Rs. 3,484 per quintal. Moreover, lower soymeal exports and higher soyoil imports pressurizing the prices. The export of soybean meal and its other value added products during July 2016 is just 12,272 tons compared to 30,688 tons in July 2015 down 60% Y/Y.

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