Soybean Futures Traded Lower On Tuesday

Soybean futures traded lower on Tuesday due to profit booking at higher levels after prices surges in two trading sessions. The mostactive Jan’17 delivery contract closed 0.56% down to settle at Rs. 3,015 per quintal. There is expectation of good demand from the oil mills. 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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