NCDEX Soybean August Futures Closed Lower

NCDEX Soybean August futures closed lower last week to fall 2 weeks low tracking weak international prices and lower edible oil prices. Currently, market participants liquidate their long positions on anticipation of steady demand for soybean in coming weeks due to sufficient supplies of edible oil in the country.

As per government data, soybean planting fell 10.4% to 99 lakh hectares compared with the same period last year. Last year, the acreage was 110 lakh hectares. Kharif sowing of soybean fell so far during the period due to a drop in acreage in Madhya Pradesh, the country's largest producer of soybean, as most farmers shifted to more profitable crops such as cotton due to poor returns from oilseeds last year.

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