MUMBAI (Commodity Online): Soybean futures at the domestic exchange registered positive mark in the morning trade Friday in the line with firming Malaysian CPO.
NCDEX soybean November futures extend gains, up 0.3% at new two-month high of Rs 2,310/100 kg on 0.7% rise in BMD palm oil futures; soyoil little changed at Rs 465.90/10 kg.
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Trader expects soybean to test INR2,332 resistance, soyoil in INR464-INR470 band. Indian Soybean futures gained on Thursday on lower summer-sown oilseed crop. The November futures closed at 2342 rupees per 100kg. Soybean futures prices have witnessed sharp rally in last couple of days, hence, brief correction is expected during the day.
But, overall trend is bullish on account of strong demand from stockists, traders and crushers amid higher supplies. Spot market across Madhya Pradesh are witnessing daily average arrivals of 5.5-6 lakh bags and spot price is quoting in the range of Rs.2180-2220 per quintal for mandi delivery.
The COOIT has projected India’s soybean production at 85 lakh tonnes against 89 lakh tonnes while Government of India forecasted at 89 lakh tonnes against 99 lakh tonnes last year.
On global front, CBOT soybean futures ended down due to profit-sales and on speculative selling supported by pick up in harvesting in central region of US following improved weather condition.
