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Indian soybean futures snap four-session winning streak
June 9, 2017 / 1:10 PM / 6 months ago

Indian soybean futures snap four-session winning streak

NEW DELHI, June 9 (Reuters) - Indian soybean futures snapped a four-session winning streak on Friday, after timely arrival of monsoons prompted fears of oversupply.

Farmer strikes in India’s top soybean-producing state of Madhya Pradesh entered its ninth day, prompting fears of lower supply.

One month soybean futures, which have been trading below their minimum support price of 2,775 rupees ($43.20), hit their lowest in more than five years earlier this week.

June soybean futures closed 1.9 percent lower at 2,702 rupees on the National Commodities and Derivatives Exchange, while soyoil futures were down 0.5 percent at 625.65 rupees, as of 1258 GMT.

The June rapeseed contract closed 0.3 percent higher at 3,536 rupees per 100 kg. ($1 = 64.2400 Indian rupees) (Reporting by Sudarshan Varadhan; Editing by Sherry Jacob-Phillips)

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