Soybean Jun Futures Recover On Thursday

Soybean Jun futures recover on Thursday after three consecutive session decline this week. Soybean prices are trending down since one month on higher supplies and lower demand. However, the arrivals are lower as farmers, reluctant to sell at "low prices" so far this season.

As per Agmarknet data, arrivals of soybean during the first 25 days of May is lower compared to last month same period. In May the arrivals have been 2.23 lt while in April it was 2.45 lt.

India's oilseeds industry body has cut its soymeal export forecast by 25% from its previous outlook on appreciating rupee and a correction in global prices make Indian supplies uncompetitive. India may export 1.5 mt of soymeal during the 2016/17 marketing year (Oct-Sep) lower from 2 mt expected in the beginning of the season.

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