Soybean Jun Futures Recovers On Thursday

Soybean Jun futures recovers on Thursday on fresh buying by the market participants on lower level buying and firm spot price on good meal exports data. 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 edged higher on Thursday due to technical buying. USDA reports higher ending stocks at the end of 2017/18 despite lesser production and higher exports of soybeans. Global soybean production in 2017/18 is forecast to decline to 345 million tons. US weekly export data ending 4th May shows, net sales of 381,400 MT for 2016/2017 were up 20 percent from the previous week, but down 4 percent from the prior 4-week average

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