Soybean Closed Higher For Third Consecutive Day

NCDEX Jul Soybean closed higher for third consecutive day on Thursday on reports of good soy meal exports and reports that China may cut its import tariff on soybeans from India, South Korea, and Bangladesh. According to SOPA, India's soymeal exports in June will likely top 100,000 tonnes, up 44% on year, due to robust demand. Moreover, slow start to kharif sowing in the country also supported prices. The area under soybean in the country was at 212,400 ha as of last week, down 59% from a year ago, according to data released by the farm ministry. Bangladesh, one of the largest importers of soymeal from India, reduced the import duty to nil which may result into tough competition from South American countries.

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