India Soybean snaps 2-session gaining streak, ends 1% down

Futures contracts of all components in the edible oil basket, barring crude palm oil, fell on domestic exchanges. After rising in the last two sessions, soybean closed around 1% lower on the National Commodity and Derivatives Exchange due to tepid buying at higher price level. Prices rose on expectations of a hike in import duty on edible oils. Reflecting the trend in soybean, refined soyoil traded 0.4% lower on the NCDEX. Adequate stock of soyoil in domestic markets on the back of huge imports also weighed on sentiment.