Soybean May Futures Continue Its Recovery

Soybean May futures continue its recovery in the last two session of the week on Friday mostly due to lower level buying tracking firm trend in US soybeans. For the week, the prices were down on ample available stocks in the country. As per Agmarknet, arrivals of soybean during first week of May, lower by 33% compared to first week arrivals in April. Moreover, the stocks of soybean in NCDEX warehouse as on 1st May 2017 is about 1.21 lakh tonnes against the 55, 133 tonnes last year. This indicates that there are ample supplies available in the physical market. CBOT soybean futures closed lower on Friday due to profit-taking after hitting a six-week high during the session.

 For the week, soybeans rose 1.65%, their biggest weekly gain since February on concerns that rains in southern growing areas and some eastern parts of the U.S. Midwest damaged recently seeded crops. U.S. farmers had seeded 10% of their soy acreage, compared with five-year average of 7% as on 30th April.

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