NCDEX June soybean up on short covering post 5-year low.

The June contract of soybean on NCDEX rise nearly 1% as investors covered short positions after prices fell to a five-year low. The open interest for the contract is 131,990 tonne against 132,770 tonne on previous close, indicating short covering by investors. Prices has fallen earlier taking cues from spot markets, where declined on account of lower demand for the oilseed from crushing plants and rise in supplies. Supplies are on rise in spot markets, as farmers are offloading their stocks to prepare for next sowing in June. Arrivals in Indore are at 3000 bags (1bag=100kg) vs 1000 bags on previous close.