Soybean Futures Closed Lower



Soybean futures closed lower for the second consecutive day on Tuesday due to arrival of new season crop from MP, Rajasthan and Maharashtra. The most-active Nov’16 delivery contract closed 0.49% down to settle at Rs. 3,074 per quintal. As per Soybean Processors Association of India (SEA) recent survey across Madhya Pradesh, Maharashtra, and Rajasthan, India's soybean production in 2016-17 (Jul-Jun) at 10.9 mt, up 58% from the last year are also likely to keep prices under pressure. Soybean production is estimated higher in all the three states, which account for over 80% of the country's output.

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