NCDEX Soybean August Futures

NCDEX Soybean August futures gain a little due to bargain buying on Friday but closed lower for the week as market participants have initiated fresh selling last week on hope that monsoon rains will cover soybean areas this weekends. 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 83.14lakh 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 Juneend, soybean inventories with farmers were at 36 lakh tonnes, over three times the amount a year ago.

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