Soybean prices might remain weak in the Indian markets as the domestic meal demand and stockists demand is very weak across major spot markets.
Crushing margin has decreased to `770/ton on absence of the meal demand from china which is always triggers better realization from meal exports.
In the global markets absence of demand for bean in U.S as indicated by lower weekly export sales might keep prices under pressure.
The near term positive trend in soybean is still intact as production in Brazil and Argentina is estimated to decline by 3-4 million tons. Weather during this month might also return to dry conditions which might limit the down side in prices on intra day basis.
Courtesy: Karvy Comtrade Ltd.
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