Soybean Futures Closed Lower



Soybean futures closed lower on Monday as torrential rains in the parts of Madhya Pradesh may have caused flooding, but that may not affect the standing crop of soybean. However, the prices have recovered a little during last week as government was considering hike in import duty on soy oil. The most-active Oct’16 delivery contract closed 0.49% lower to settle at Rs. 3,456 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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