Soybean Jun Futures Recovers More Than 1.5%

Soybean Jun futures recovers more than 1.5% on Wednesday supported by lower level buying and good demand at physical market at lower prices. Physical demand has been steady 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 forecast for 2017/18 at 115 mt same 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. IMD forecast for near normal monsoon than previous forecast in April may keep the prices under pressure.

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