Soybean April Futures Edged Lower On Tuesday

Soybean April futures edged lower on Tuesday mainly on profit booking. The supplies have been lower due to lower prevailing prices. There is steady domestic as well as export demand at lower levels. Soybean exports during Oct-Feb were estimated at 112,000 tonnes, compared with 80,186 tonnes in the year-ago period, as per SOPA press release. Arrivals during February fell to 650,000 tons as compared to 900,000 tons in January. U.S. soybean futures closed little higher on Tuesday on bargain buying after prices fell for 10 of the previous 11 sessions. The expectations for the huge South American harvest may check upward movement. Brazil's Abiove soy industry association pegged the country's soybean crop, at 107.3 mt, up from its Feb forecast of 104.6 mt. Moreover, it pegged Brazil's soy exports at 59.8 mt, 1.1 mt larger than its previous outlook.

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