Soybean Futures Closed Down

Soybean futures closed down but the trend is still range bound on expectation that the supplies in the domestic market will remain sufficient in the physical market. The bulk buyers and oil millers are quite active at lower levels keeping pressure on prices. U.S. soybean futures closed higher on Monday on stronger exports supported by a weaker dollar countered pressure from an advancing harvest in Brazil. Weekly US soybean export inspection data was reported at a hefty 1.64 mt, ahead of expectations. The dollar steadied on Monday but four straight weekly losses in the past month have helped U.S. crops more competitive for export notably to China.

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