India June NCDEX soybean futures tad higher at
INR2,599/100 kg, last close INR2,597.50 tracking firm CBOT soy futures, which
are up 1% at a new nine-month high. However, "prices could retreat later in the
session on weak demand for soymeal and on higher edible oil imports," says
trader; expects contract to test INR2,585 support. Normal monsoon, high soybean
prices likely to increase acreage, which will lead to higher supply and lower
prices.
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