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05-Apr2019

Soybean futures trade higher on improving demand

Soybean futures traded higher on NCDEX as speculators enlarged their holdings, supported by improving demand from the oil mills. However, expectations of a rise in output due to favourable weather condition, capped some gains. India's 2018-19 soybean output is projected 24.7% higher at 13.69 million tons as per second advance estimates released by agriculture ministry. Meanwhile, the overseas market is poised for its biggest weekly gain since early January on expectations of a US-China trade deal.

The contract for April delivery was trading at Rs 3797.00, up by 0.93% or Rs 35.00 from its previous closing of Rs 3762.00. The open interest of the contract stood at 71660 lots.

The contract for May delivery was trading at Rs 3873.00, up by 1.04% or Rs 40.00 from its previous closing of Rs 3833.00. The open interest of the contract stood at 148000 lots on NCDEX.


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