Soybean Futures Recover From The Lower Levels

Soybean futures recover from the lower levels on Wednesday but the gain was limited due to sufficient supplies in the physical market. The supplies in the physical market is continue to be adequate as production during kharif is higher by more than 57% this season compared to last year. The bulk buyers and oil millers are quite active at lower levels keeping pressure on prices. U.S. soybean futures edge higher on Wednesday due to commodity fund buying at the start of a new month along with fresh export demand. Soybeans rallied on confirmation from the USDA that private exporters sold 236,700 tonnes of U.S. soybeans to unknown destinations on the first day of February.

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