Futures contracts of soybean on the NCDEX were up due to concerns over a drop in output after below-normal rainfall in parts of Madhya Pradesh. Madhya Pradesh, the country's largest soybean producer, has so far received 492.4 mm rainfall, 22% below normal. There are also concerns of crop damage due to insect attacks in some parts of the state. As of Aug 10, area under soybean in Madhya Pradesh was down 10.6% on year at 4.8 mln caprices also rose taking cues from the benchmark contracts on the CBOT, which were up due to stronger-than-expected weekly data on US soybean exports.
Source : Newswire
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