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Soyabean futures on NCDEX closed lower by 0.17 per cent at Rs 4,026 a quintal due to higher area under soyabean coverage and good rains in major growing areas.
In the Chicago Board of Trade, soyabean settled higher due to increase in export demand from China. Production in Brazil, the second largest producer of soyabean, is expected at 81.3 million tonnes in 2012-13. Planting in Brazil will start mid-September.
In the domestic markets, oilseeds have been sown on 164.29 lakh hectares against 169.94 lakh hectares in the same period last year. Soyabean area is higher at 106.4 lakh hectares against 102.9 lakh hectares in the same period last year.
Soyabean futures on NCDEX may trade lower due to better rains in growing regions and higher acreage.
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