MUMBAI (Commodity Online): Whole day Soy refined prices traded with positive sentiments but finally closed near the previous close on profit booking. In fact improved international market sentiments encouraged investors to take some long positions in futures markets.

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However, at the same time traders prefer to book profit on the same day, as trend has still not changed. Some improvement was also seen in the soy refined on CBOT and CPO on BMD, Malaysia. Experts opine that soy oil long term out look is positive but short-term sentiments may remain volatile because of the huge South American crop, which may keep pressurizing prices throughout March this year.

Further preliminary assessment regarding the US soybean sowing intention may also affect the long-term market sentiments. Our domestic supply situation seems quite comfortable due to heavy imports in the past one year. However, traders opine that India would continue to import to meet its growing demand. On Thursday soy, refined prices are likely to remain volatile and movement in both directions may be seen.

Courtesy: Religare Commodities

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