Soybean Jun Futures Closed Lower By 2% On Tuesday

Soybean Jun futures closed lower by 2% on Tuesday, highest single day drop for the contract, on reports of lower physical demand as 60% of soybean mills in Madhya Pradesh reported to have shut down because of subdued demand for soymeal and lower prices of soyoil. As per USDA latest report, soybean production in the country is kept at the same level at 115 mt as last year while the crushing volume will be improved while meal exports and soy oil imports will be higher in 2017/18 compared to last year. However, IMD forecast for higher monsoon than previous forecast in April may keep the prices sideways.

CBOT soybean futures rose 1.1% on Tuesday amid technical buying and signs of strong export demand. As per USDA report, private exporters reported the sale of 132,000 tonnes of soybeans for delivery to unknown destinations during the 2016/17 marketing year. Soybean also got support from the strong Brazilian Real which discourages farmers from selling their dollar-denominated soybeans. Moreover, USDA reported 32% planted Vs 14% week ago and 32% five years average.

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