NCDEX Jul Soybean rose close to 1% on Thursday due to technical buying as the prices have slipped to contract low.
The prices have
been under pressure due to expectation of higher planting and
sufficient stocks in the physical market. Moreover, slow down in
soymeal exports is also a worry. As per SEA, country export only
export 40,000 tonnes of soy meal in May down 41.4% y/y.
Moreover, for Apr-May period, India shipped out about 58,470
tonnes of soybean meal down 59% compared to last year.
CBOT Soybean edged higher as unfavorable weather forecasts will
further slow planting progress. US export Sales report showed old
crop soybean bookings above the top end of estimates at 571,512
MT. That was an 8-week high and more than double the same week
last year.
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