NCDEX Soybean August Futures Closed Higher

NCDEX Soybean August futures closed higher on Friday as market participants are little bullish as irregular monsoon and low price realization to farmers in the last season is discouraging sowing prospects for soybean in the country. Area under soybean crop across the country for the 2017-18 kharif was 53.6 lakh hectares till last week, up by about 10% on year. Last year, the acreage was 48.6 lakh hectares.

CBOT August soybean futures rallied 1.4 percent on Friday on hotter and drier forecasts for important growing areas of the U.S. Midwest. Soybeans posted weekly gains of around 6 % last week. It was the biggest weekly rally for soybeans since October 2014. Moreover, lower than expected acreage and lower rating of the US crop. US weekly exports were the lowest since the first week of the 16/17 MY, at 278,669 MT, but were 43.2% above last year. CFTC data showed spec funds backing off their net short position by 48,467 contracts to a net position of 70,216 contracts in soybean futures and options. Projected 2017 Chinese soybean production is estimated at 14.3 mt by the Chinese National Gains and Oils Info Center, up 9.2% from last year.

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