Soybeans Drop 1% In Intraday Moves On Sustained Selling

NCDEX Soybean witnessed continued selling pressure after falling to a fresh contract low yesterday. The counter has extended a downturn following the weather outlook of late. Rainfall is expected to mark an early presence in major soybean harvesting regions and farmers should prop up the sowing of the oilseed. The NCDEX Soybean futures for July are currently trading at Rs 3522 per quintal, down 0.31% on the day after testing a low of Rs 3516 per quintal. Prices had tested a low of Rs 3438 per quintal yesterday. The impressive recovery from these lows in last session managed to sustain for a while today as well. However, highs around Rs 3570 acted as a stiff resistance for the counter and it pulled back, falling around 1% in intraday moves.