MUMBAI (Commodity Online): For the last few days soybean trades with sideways sentiments as traders appears in a wait and watch state. Monsoon rains are good enough so far as soybean is concerned in MP and Maharashtra.
Weather in the US soybean growing areas is also conducive for crop growth and devolvement of crop is good enough. China government could not succeed to sell soybean from its reserve stocks in the open market due to its higher prices as compared to the prevailing market prices.
It is to be learnt that China's soybean imports in June rose 31% to 4.71 million metric tons. China, the world's biggest importer of soybeans imports mainly from U.S., Brazil and Argentina. Indian government has released its forth advanced estimates of production.
Trade sitting at the comfort of home. Start with a mere 50$ Not much change has been made in oilseeds. Total sown area under soybean of the whole country is expected to improve this year as farmers have got good returns on their crops. On Friday prices are expected to trade sideways to positive. NCDEX August contract is likely to get support near 22 65 th en 2255 and resistance near 2295 then 2308.
Courtesy: Religare Commodities
