NCDEX Soybean July Futures Closed Lower On Wednesday

NCDEX Soybean July futures closed lower on Wednesday due to long liquidation by market participants at higher prices. The fall is in anticipation that the acreage may improve in coming weeks due to good rains in soybean cultivating states. As per Agmarknet data, arrivals of soybean during last week were down 37% to 39,588 tonnes as compared to 62,976 tonnes in the previous week.

Area under soybean crop across the country for the 2017-18 kharif was 15.58 lakh hectares till last week, down about 19% on year. Last year, the acreage was 18.92 lakh hectares. Currently, Maharashtra is leading soybean acreage at 6.3 lakh hectares followed by MP at 5.7 lakh hectares.

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