Commodity Online MUMBAI: Bearish trend continues to in Soybean futures market due to weak buying interest. Monsoon has gathered momentum in most part of the country. This puts a bearish impact on the prices.
USDA has released its soybean planting progress report on 30th June. The new forecast for soybean planting this year is 77.483 million acres. That’s up from 75.718 million in 2008. The new 2009 forecast is also up from a March prediction of 76.024 million acres.
Remunerative international soybean prices have prompted farmers to increase the area under cultivation. In India, physical market demand is moderate however traders say that crushing plants are believed to be short in supply in soybean.
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But due to current weak trend they are waiting for prices to come down further to initiate buying. On Friday NCDEX soybean prices are expected to trade downward. NCDEX July contract is likely to get support near 2412 then 2382 and resistance near 2475 then 2486.
Courtesy: Religare Commodities
