Soybean April Futures Closed Higher

Soybean April futures closed higher for the week but falls more than 2% on Friday on higher arrivals and steady demand from the mills. The supplies have been higher compared to last week. As per Agmarknet, arrivals of soybean during 20-25 Mar were about 80,555 tonnes Vs 40,910 tonnes during previous week. Moreover, government has cut customs duty on import of sunflower seed to 10% for Apr-Sep from 30% which may attract 1 million tonnes imports that may bearish for the soybean due to competition. 

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