Soybean recovers on talk of import duty hike.

Futures contracts of most components of the edible oils basket traded higher on domestic exchanges. Soybean futures on the NCDEX bounced back from a five-year low due to talk of an increase in import duty. Soybean prices declined below the MSP, primarily because of higher stocks in spot markets. Though arrivals of the oilseed were lower, higher overall inventories pulled down prices, adding that around 4-5.5 mln tn of soybean stocks were piled up in domestic markets. Arrivals in Madhya Pradesh 10,00 tn vs 50,00 tn.