Soybean Jul Futures Closed Lower On Tuesday

Soybean Jul futures closed lower on Tuesday on profit booking but prices in spot jumped about 1.49% on lower supplies. The prices are under pressure on expectation of good sowing progress in the current kharif as monsoon is forecast to be normal. Area under the soybean crop across the country for the 2017-18 kharif was at 26,900 ha till last week, up 16.5% on year.

However, reports of increase in Minimum Support Prices (MSP) for soybean by Rs. 175 per quintal to Rs. 2,950 per quintal may support prices. 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.

CBOT July soybean futures settled up on Tuesday on bargain buying from the lower levels. However, there is still pressure on prices due to forecast of improved weather in the US.

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