Soybean Futures Fell On Friday

Soybean futures fell on Friday by more than 1% on Friday as SOPA forecasted soybean production in 2016/17 at 114.9 lt Vs. 70 lt last year. Moreover, increase in supplies in physical market kept the prices lower during the last week. The most-active Jan’17 delivery contract closed 0.23% lower last week to settle at Rs. 3,047 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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