Spot market price witnessed higher on account of strong buying from solvent extractors due to firm overseas market and lower production estimates by COOIT.
Increase in the demand for soy-meal form the local poultries is also helping in keeping the soybean prices firm.
Arrivals of soybean declined to 20,000 bags from 22,000 in Indore mandi on Thursday as compared to previous day. However, total arrivals increased to 5.50 in major mandis of M.P. from 5 lakh bags.
CBOT Nov soybean futures ended lower at $ 9.67/bushels on Thursday, down 28.50 cents/bushels as compared to previous close. CBOT Dec Soy meal futures ended lower at $ 291.30/tonnes on Thursday, down $ 10.30/tonnes as compared to previous close.
Courtesy: Angel Commodities
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