Soybean April Futures Closed Lower

Soybean April futures closed lower continues its range bound trade as demand and supply seems to be in balance. The mills have procured large volumes of soybean earlier in the season at lower levels which helps in more competitive prices of meals for record exports. The supplies have been decreased drastically last week compared to previous week so as the demand. As per Agmarknet, arrivals of soybean during Mar 27- Apr 1 were about 32,514 tonnes Vs 90,767 tonnes during previous week.

 CBOT soybean futures closed lower on Thursday due to profit booking after prices have rebound on fears of harvest delays in Argentina, along with China's return to the market after a holiday. The soybean market is notably anticipating record production in Brazil which could dominate export trade in coming months and reduce U.S. export sales. As per USDA, net sales of 482,000 tonnes for 2016/2017 were down 29% from the previous week and 11% from the prior 4-week average.

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