Soybean Closed lower



NCDEX Jul Soybean closed lower due to profit booking by the market participants on expectation of good sowing. However, there expectation good physical demand due to anticipation of higher domestic crushing of soybean after government increase customs duty on crude as well as refine soy oil to 35% and 45% respectively. Prices have been under pressure on forecast of normal rains and lower meal exports data from both SEA and SOPA is weighing on prices this month.

Soybean acreage till last week is 56% higher than at 50,000 ha as compared to the last year acreage according to farm ministry report. Bangladesh, one of the largest importers of soymeal from India, reduced the import duty to nil which may result into tough competition for the country from South American peers in soymeal exports to Bangladesh.

CBOT Jul Soybean futures plunged on Tuesday to their lowest level in nearly a decade on concern over trade tensions between the United States and China, the world's biggest soy buyer, prompted fund-driven selling. U.S. soybeans are set to lose market share in China. Soybeans led the way down after U.S. President Donald Trump threatened to impose a 10 percent tariff on another $200 billion of Chinese goods. Expected rains this week and already above average condition added some fuel to the fire. Soybean progress is well above normal for this time of year. Soybean planting progress was reported at 97% complete, with emergence at 90%, both well ahead of normal pace.

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