NCDEX Soybean August Futures Fell On Wednesday

NCDEX Soybean August futures fell on Wednesday due to profit booking by the market participants on good rains in MP and Rajasthan. Prices have been trading sideways this week on lower acreage and steady demand. 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. 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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