NCDEX Soybean August Futures Closed

NCDEX Soybean August futures closed with gains on third consecutive day on Thursday on reports of lower sowing compared to last year. However, the prices are still trading in a range due to good stocks and steady demand.

As per government data, area under soybean crop across the country for the 2017-18 kharif was 84.6 lakh hectares till last week, down about 17.8% on year. Last year, the acreage was 102.8 lakh hectares. The area under the crop fell as some farmers are shifting to more profitable crops such as cotton, as oilseeds fetched poor returns last season.

CBOT November soybean futures rose on a technical bounce on Thursday. Forecasts for good growing weather in early August, the start of the key development phase for much of the soybean crop, kept gains in check. US weekly sales for week ending 20th July sees, net sales of 303,400 MT for 2016/2017 were down 26 % from the previous week and 8 % from the prior 4-week average.

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