Commodity Agri Soya Updates

Soybean futures closed lower as September contract saw some fresh selling on Wednesday on reports of arrival of new season soybean in Madhya Pradesh. The condition of the standing crop is improving in MP and Maharashtra because of recent rains.

However dry spells during prime pod filling period hit the growth of the plant and size of the seed. The total area under Soybean has declined this year due to a fall in acreage in Madhya Pradesh, the largest producer, because of poor rains in the state so far.