NCDEX Soybean August Futures Slipped

NCDEX Soybean August futures slipped by about 2% on Thursday as market participants have initiated fresh selling on hope that monsoon rains will cover soybean areas this weekends. 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 per government data, 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. As per SOPA, 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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