NCDEX Soybean August Futures Were Traded Lower

NCDEX Soybean August futures were traded lower on Monday to close more than 1% down as market participants liquidate their long positions on anticipation of lower crushing demand as government has cut tariff rates of palm oil for the next fortnight.

As per government data, soybean planting fell 10.3% to 95.7 lakh hectares compared with the same period last year. Last year, the acreage was 106.7 lakh hectares. 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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