Soybean Futures Hit Rs 7600 Per Quintal, Soymeal Export Demand Buyoant

Soybean Futures Hit Rs 7600 Per Quintal, Soymeal Export Demand Buyoant

Apr 20, 2021 04:04 IST capital market

Soybean futures stayed supported today, extending the recent surge amid good demand for oilmeals in world markets. Solvent Extractors Association of India stated yesterday that in the last fiscal India had exported 36.80 lakh tonnes of oil meal exports as compared to 24.33 lakh tonnes recorded in the financial year 2019-21. The country exported 15.64 lakh tonnes in 2020-21 fiscal as compared to 6.92 lakh tonnes of last fiscal. This helped the commodity despite worries over retail demand in India as Covid-19 cases soared sharply. The firm global cues also benefitted sentiments. NCDEX Soybean futures for May hit Rs 7600 per quintal and currently trade at Rs 7507 per quintal, up 1.20%.

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