Soybean Futures in NCDEX ended up on Wednesday tracking a firm Malaysian palm oil market and lower-than-expected arrivals in the country as farmers refuse to sell at current prices, on spot market arrivals of the new crop on Wednesday was about 18,000 tonnes, much lower than normal arrivals this time of the year. Expectations of good demand for soybean from China were also supporting the prices.
Soybean is crushed to produce edible oil, which competes with palm oil and prices often move in tandem. Prices were also supported by the federal government's decision last week to impose a 20 percent import duty on crude
soyoil and to allow limited exports of edible oils to support falling prices.
