NCDEX Soybean July Futures On Closed Lower On Thursday

NCDEX Soybean July futures on closed lower on Thursday still trading in a range, due good sowing progress of soybean and higher arrivals in physical market despite strong move in soyoil prices. The current spot prices have been 24% lower as compared to last year. As per the government weekly sowing data, area under soybean crop across the country for the 2017-18 kharif was at 5.67 lakh hectares till last week, up 88.4% on year.

Moreover, reports of increase in Minimum Support Prices (MSP) for soybean to Rs. 3,050 per quintal also support. As per Agmarknet data, arrivals of soybean during last week up by 55% to 57,716 tonnes as compared to 37,054 tonnes in the previous week.

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