NCDEX soybean futures extended its gains on Wednesday due to delayed and slower progress of monsoon rainfall.
Soybean is expected to trade mixed to higher on account of speculative buying supported by slower progress on
monsoon rainfall. Total monsoon rainfall in India so far in June were reported at -45% on LPA (deficit rainfall).
Apart from that, rising prices of soymeal in global market due to improved demand could be other factor which
may support prices in near term. However, gains in prices are likely to be limited as higher stocks of soybean in
domestic market could cap the excessive gains.
Meanwhile, China soybean imports from the U.S., Brazil, and Argentina in May dropped to 6.8 million tons, down
16% from April and 35% from last year's record of 10.4 million tons. China's soybean imports from the U.S.
declined to 845 thousand tons in May
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