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Soybean futures trade higher on strong demand
Jul-12-2019

Soybean futures traded higher on NCDEX as speculators enlarged their positions on strong demand at domestic spot market against tight arrivals from major producing belts. Soybean prices improved further by tracking firm trend overseas after the US Department of Agriculture (USDA) lowered its US 2019-20 soybean production estimate to 3.845 billion bushels, down from 4.150 billion in June. The USDA cut its soybean yield estimate to 48.5 bushels per acre, from 49.5 in June, a slightly below market estimates.

The contract for July delivery was trading at Rs 3580.00, up by 1.07% or Rs 38.00 from its previous closing of Rs 3542.00. The open interest of the contract stood at 9940 lots.

The contract for August delivery was trading at Rs 3622.00, up by 0.67% or Rs 24.00 from its previous closing of Rs 3598.00. The open interest of the contract stood at 71580 lots on NCDEX.

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