Soybean Jul Futures Close With Little Gain On Tuesday



Soybean Jul futures close with little gain on Tuesday due to steady physical demand and reports of slow progress in soybean sowing in the country. As per the government weekly sowing data, area under soybean crop across the country for the 2017-18 kharif was at 45,000 ha till last week, down 55.4% on year. Earlier, the prices were under pressure all season on higher arrivals and bumper crop with the farmers.

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 down by 50% to 21,680 tonnes as compared to 43,859 tonnes in the previous week.

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