Weakness likely to continue over soybean

Weakness continues to prevail in the oilseeds market both at domestic as well as international front. Soybean futures prices have fallen approximately 8 percent during June month on lack of buying support.

Rather higher levels witnessed good selling pressure. In India, monsoon rains are delayed but still it is not too late to make any significant adverse impact on the soybean sowing process.

However, if it further delay by one week or so then some concern may be there and bulls may get some breathing space. US soybean planting progress is satisfactory and this year area under soybean may increase as compared to previous year.

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In physical market demand is weak however traders say that crushing plants are believed to be short in supply in soybean. But due to current weak trend they are waiting for prices to come down further to initiate buying.

International soybean sentiments remain subdued as China soybean market is down while CBOT also lack buying support on good planting progress. On Tuesday NCDEX soybean prices are expected to trade down. NCDEX July contract is likely to get support near 2361 then 2331 and resistance near 2435 then 2451.

Courtesy: Religare Commodities