Agri Soybean prices traded down due to lower demand at higher price levels

Soybean prices traded down due to lower demand at higher price levels. Soybean futures closed lowertracking weak international soy price and higher monsoon rains keeping soybean fields well irrigated in Madhya Pradesh and Rajasthan. According to data released by farm ministry, Soybean acreage in the country was at 11.18 million ha as of last week, up 1% from a year ago.

However, firm CBOT soybean prices due to robust export demand from China limited the selloffs. Soybean trade ended the day at Rs. 3551 per quin which is approx 1.22% down against its previous close. We recommend sell Soybean futures during today’s trading session.

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