Soybean Futures Closed Lower Last Week

Soybean futures closed lower last week due to higher arrivals and less buyers at the mandis. The production estimate by SOPA also weigh on the prices. The most-active Jan’17 delivery contract closed 1.81% lower last week to settle at Rs. 2,992 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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