Futures contracts of soybean rose over 2% on NCDEX today due to a surge in soymeal exports from the country. Export of soymeal rose 56.1% on year to 64,000 tn in June, according to data released by The Soybean Processors Association of India today. In Oct-Jun, India exported 1.52 mln tn of soymeal, up from 319,000 tn a year ago, the data showed. Soymeal is a derivative of the oilseed and mainly used as livestock feed. Likely fall in acreage in Madhya Pradesh also supported prices. Sowing area is likely to fall by 100,000 ha in 2017-18 (Jul-Jun) as farmers are shifting to more remunerative crops
Source : Newswire
More will update soon!!
More will update soon!!
