Soybean Futures Closed Lower On Wednesday

Soybean futures closed lower on Wednesday on lower demand and expectation of higher supplies in the coming harvesting months. Heavy rains in the parts of Madhya Pradesh caused flooding but it may have little effect on the standing crop of soybean. The most-active Oct’16 delivery contract closed 0.35% lower to settle at Rs. 3,461 per quintal. Moreover, lower soy meal 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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