Soybean Futures Closed Higher

Soybean futures closed higher as market participants buy soybean at lower levels. However, increase in supplies in December and January capped further gains. The most-active Jan’17 delivery contract closed 0.49% lower to settle at Rs. 3,069 per quintal. There is an expectation that the arrivals of soybean in the domestic market keeping the supplies more than the demand. For India, USDA estimates 2016/17 soybean production 1.8 mt higher this month to 11.5 mt based on reports of better than expected yields. As a consequence, Indian soybean meal exports in 2016/17 could recover to 1.8 mt.

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