Due to high demand for soybean from the developing nations, the price of the high protein bean may move up in the coming days.
Due to bad weather conditions in Brazil and Argentina, the global oilseed production for 2011-12 is projected at 452.5 million tons, down 4.9 million tons from last month estimates, according to the latest USDA WASDE report.
Opposition against the proposed Commodity Transaction Tax (CTT) is growing with both Federation of Indian Chambers of Commerce & Industry (FICCI) and the Associated Chambers of Commerce & Industry of India (ASSOCHAM) voicing their concerns.
On the back of expanding bio-diesel production in Argentina and Brazil, the demand for vegetable oil is expected to remain strong during 2012, according to the National Commodity and Derivatives Exchange (NCDEX) reports.
