Soybean Futures Continue Its Downtrend On Tuesday

Soybean futures continue its downtrend on Tuesday as monsoon rains keeping soybean fields well irrigated in Madhya Pradesh and Rajasthan, which will increase the chances of bumper crop. The mostactive Oct’16 delivery contract closed 2.00% lower to settle at Rs. 3,471 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 showing a decrease of 60% over the same period of last year.

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