NCDEX Soybean August Futures Closed

NCDEX Soybean August futures closed with 1.24% gains on Tuesday on some short covering. Moreover, due to lower acreage, irregular rains in soybean growing areas and lower arrivals in the physical market also support prices. As per government data, area under soybean crop across the country for the 2017-18 kharif was 73.44 lakh hectares till last week, down about 11.7% on year. Last year, the acreage was 83.14 lakh hectares. The market arrivals have been diminishing and there is also good demand. According to SOPA press release, India's exports of soymeal rose 56.1% on year to 64,000 tonnes in June. As of June-end, soybean inventories with farmers were at 36 lakh tonnes, over three times the amount a year ago.

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