Indian soybeans post biggest intraday fall in more than 9 months
Indian soybean front-month futures recorded their biggest intraday fall in more than nine months on Tuesday on profit-booking and concerns of oversupply
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New Delhi: Indian soybean front-month futures recorded their biggest intraday fall in more than nine months on Tuesday on profit-booking and as expectations of more rainfall raised concerns of oversupply.
July soybean futures closed 2.9% lower at Rs2,915 ($45.17) per 100kg on the National Commodities and Derivatives Exchange (NCDEX). Earlier in the session, they slipped as much as about 3%, in their biggest intraday fall since October 2016.
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The contract rose 5.8% up to Monday’s close since the expiry of the June contract.
Indian July soyoil futures were down 0.2% at Rs642 per 10kg, as of 6:58pm, while rapeseed futures ended 1.2% lower at Rs3,600. Reuters