Soybean Prices Rolled Down by Rs 28 to Rs 3,860 Per Quintal in Futures Trade | Soy Production (Apr 09, 2018)

New Delhi: Soybean prices rolled down by Rs 28 to Rs 3,860 per quintal in futures trade on Friday as participants cut down their positions coupled with weak global cues.

At the National Commodity and Derivative Exchange, Soybean delivery for the most-traded April traded lower by Rs 28 or 0.73 per cent to Rs 3,794 per quintal, in an open interest of 1,28,330 lots.

Also, the delivery of the near contract May recede by Rs 24 or 0.62 per cent to Rs 3,860 per quintal, revealing an open interest of 1,27,030 lots.

The export of oilmeals during March 2018 dropped by 56% to 75,393 tons compared to 170,496 tons in March 2017, according to provisional figures released by the Solvent Extractors’ Association of India (SEA). However, overall export of oilmeals during FY18 had revived and provisionally reported at 2,839,623 tons compared to 1,885,480 tons during FY17, thanks to higher export of rapeseed meal (up by 26%), ricebran extractions (up by 27%) and castorseed meal (up by 51%). 

Marketmen said trimming of positions by traders in tandem with a weakening trend in international markets, pulled down soybean prices at futures trade.

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