Soybean Futures Closed Higher

Soybean futures closed higher for the second consecutive day on Thursday due to lower level buying. Market participants have realize that soybean prices have bottom out and will be traded in a tight range during the peak arrival season during Nov - Dec. The most-active Nov’16 delivery contract closed 1.25% higher to settle at Rs. 3,162 per quintal. The harvesting of soybean in full swing and supplies are strong in the physical market. As per SEA recent survey soybean production in 2016-17 (Jul-Jun) forecasted at 10.9 mt, up 58% from the last year.

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