Soybean Jun Futures Continue To Trade Higher On Thursday

Soybean Jun futures continue to trade higher on Thursday on expectation that the Minimum Support Prices (MSP) for soybean may increase by Rs. 175 per quintal to Rs. 2,950 and lower arrivals in the physical market. As per Agmarknet data, arrivals of soybean during the first 7 days of June drop by 78% to 16,850 tonnes as compared to 60,729 in the last week of May. India soybean sowing for the current kharif reached 23,000 ha so far vs 20,000 ha year ago.

As per SOPA, arrivals of soybean in the country rose to 64 lakh tonnes during Oct-May from 46 lakh tonnes a year ago due to huge production last year. India's oilseeds industry body has cut its soymeal export forecast by 25% from its previous outlook on appreciating rupee and a correction in global prices make Indian supplies uncompetitive.

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