Soybean Futures Closed Higher

Soybean futures closed higher for the second consecutive day in the week tracking international soy price and higher monsoon rains keeping soybean fields soaked in Madhya Pradesh. The most-active Oct’16 delivery contract closed 0.61% higher to settle at Rs. 3,613 per quintal. Earlier, 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. 

As on 05 Aug, Indian farmers have planted soybean on 111.8 lh, up by 1% compared to last year sowing data. Higher acreage in Gujarat, Karnataka, Maharashtra, Telangana, Uttar Pradesh and Uttarakhand had increased overall sowing. However, Madhya Pradesh, the largest grower, have sown the oilseed over 53.6 lakh hectares, down 7.7% from a year ago. The SOPA has estimated decline of soybean acreage by 2.1% on year to 114 lh in 2016-17 (Jul-Jun).

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