Soybean futures may trade with a positive bias & hold the upside tracking firmness in international prices.
Moreover, there are news that Chinese oilseed imports are forecast to rise 9.2 percent in 2011-12, led by soybean and rapeseed buying, as the country seeks to make up for declining domestic production, according to Oil World.
Soybean production in China is estimated to slip to 13.6 million tons in 2011-12 from 14.9 million tons, while the harvest of rapeseed is expected to be 11.6 million tons, down from 12.2 million tons in 2010-11.
Moreover the movement if rupee near its crucial support at 49 levels, may add some support to the prices & help exporters of
US soybean futures ended slightly lower as traders consolidated positions ahead of Thursday's USDA crop reports.
Crude palm oil futures on Malaysia’s derivatives exchange rose to a two-week high & 2.3% higher at MYR3,155 a metric ton amid broad gains in Chicago soyoil and improving sentiment over a debt restructuring deal in Greece.
Courtesy: SMC Global
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