Soybeans Slip Heavily

NCDEX Soybean futures eased by nearly Rs 100 per tone as dull demand for meal in export markets and thin crushing hurt the sentiments. The benchmark NCDEX Soybean futures for April 2018 closed at Rs 3698 per quintal, down 1.6% on the day after testing a low of Rs 3654 per quintal. As per the latest data compiled by Solvent Extractors Association (SEA) of India, the export data for export of oilmeals for the month of February 2018 is provisionally reported at 161,969 tons compared to 305,457 tons in February 2017 i.e. down by 47%. The overall export of oilmeals during April 2017 to February 2018 provisionally is reported at 2,677,536 tons compared to 1,714,984 tons during the same period of last year i.e. up by 56%.