Soybean ends 1.5% dn on weak spot buying, CBOT cues.

The futures contracts of the edible oil basket traded mixed on the domestic exchanges with soybean and mustard falling while refined soyoil and crude palm oil rise. Futures contracts of soybean on the NCDEX closed 1.5% lower due to increased arrivals of fresh crop and tepid offtake from oil millers

NCDEX soybean down on favourable weather prospects.

Futures contracts of soybean fell over 1% on NCDEX due to improved weather prospects, analysts said. Clear weather is helpful for ongoing harvesting and post harvesting operations of soybean in key growing areas of Madhya Pradesh and Maharashtra. Improved weather indicates lower damage to the crop during harvest, which is seen weighing on prices.

CBOT soybean down on improved sowing in Brazil.

Futures contracts of soybean on the CBOT fell on improved sowing operations in Brazil, supported by favourable weather conditions. Sentiment for soybean is likely to remain bearish in the near-term due to accelerating harvesting activities in major growing regions of the US.

Maharashtra to finalise schedule for mung and urad procurement on Oct 03.

The farm ministry officials of Maharashtra will finalise the schedule to procure moong, and urad. The Centre approved the state government’s decision to procure new crop moong and urad, prices of which fell below the MSP earlier this month. Moong and urad prices in the state are also 10% below their MSPs. The state marketing federation will implement the procurement on behalf of state government.