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19-Aug2016

Soyabean futures trade down on low demand

Soyabean futures traded down on NCDEX on low demand for soybean meal and expectation of better than expected crop due to increase in sowing area and favorable weather condition. Soyabean weakened further tracking lower international prices as the market was weighed down by prospects of an all-time high US crop. Good weather for crop development during July across broad swaths of the US Midwest, the key growing area for soybeans, allowed crops to mature with relatively little stress.

The contract for October delivery was trading at Rs 3469, down by 1.17% or Rs 41.00 from its previous closing of Rs 3510. The open interest of the contract stood at 59290 lots.

The contract for November delivery was trading at Rs 3465, down by 1% or Rs 35.00 from its previous close of Rs 3500. The open interest of the contract stood at 55890 lots on NCDEX.


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