NCDEX Soybean October Futures Close Higher

NCDEX Soybean October futures close higher as market participants initiated fresh buying in soybean on reports of lower planting this year. Moreover, progress of monsoon has not been satisfactory in soybean growing states. 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. According to a release issued by Soybean Processors Association of India (SOPA), export of soybean meal and its other value added products during July 2017 has been pegged at 0.98 lt compared to 0.29 lt in July 2016.

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