MUMBAI (Commodity Online): Soybean futures prices traded with positive sentiments on Tuesday on good buying support in the physical demand. Physical market prices improved significantly as a result of crushers and stockiest buying.
In the 47th All India Convention of Kharif oilseeds and oil trade and Industry held at Indore on 1st November 2009, the trade body estimated soybean production to remain near 85 lakh tons as against 89 lakh tons last year. Total kharif oilseeds production for 2009-10 is estimated at 136.5 lakh tons as against 150.3 lakh tons during 2008-09.
Traders opine that some more improvement may be seen in near future. International market also seems sideways to slightly positive due to delay in harvesting process in the US. Till Sunday, only 51 % soybean crop was harvested as against the five year average of 87 %.
Trade sitting at the comfort of home. Start with a mere 50$ On Wednesday prices are expected to open positive. Buying on dips may prove beneficial for intraday traders.
Courtesy: Religare Commodities
