Soybean Market Update (Jul 07, 2017)

Soybean prices in the international market were firmed on Friday. The most active soybean contract on Chicago Board of Trade increased to 3-1/2 on Thursday, which was high for a fourth straight session and which achieved gains on a round of technical buying. CBOT November soybean futures were upto 5 percent to $ 9.99 – 1 / 4 per bushel. Soymeal futures also rose to their highest since March 23, supported by a round of long soymeal/short soy oil spreading. 

The usage of soybean in the global feed industry is estimated at 20 million tonnes. Asia, particularly China, is one of the fastest growing markets for soybean. The International Grain Council estimates that usage of soybean in Africa for the 2017-18 season sits at 4,70,000 tonnes, which is increased by 34 percent from the previous season.

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