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29-Aug2016

Soyabean futures trade lower on negligible demand for soymeal

Soyabean futures traded lower on NCDEX as speculators trimmed their positions as demand for soybean meal is negligible. In addition, soybean sowing has surpassed last year's sowing acreage, which has raised hopes for better than expected yields and crop size, too added pressure on commodity prices.

The contract for October delivery was trading at Rs 3302, down by 1.93% or Rs 65.00 from its previous closing of Rs 3367. The open interest of the contract stood at 55970 lots.

The contract for November delivery was trading at Rs 3310, down by 1.84% or Rs 62.00 from its previous close of Rs 3372. The open interest of the contract stood at 62180 lots on NCDEX. 


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