Soybean Futures Closed Higher

Soybean futures closed higher on bargain buying and chart based trading. The most-active Oct’16 delivery contract closed 0.50% higher to settle at Rs. 3,591 per quintal. Lower soymeal export data and good sowing progress 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 showing a decrease of 60% over the same period of last year. There is expectation of better harvest and good sowing progress sill weighing on prices. The weather across the soybean growing area is also good for better yield.

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