Fundamental Analysis

September Soybean futures traded lower on account of better monsoon in major producing states like Madhya Pradesh and Maharashtra, which will result better yield. Fresh arrivals in Sanghli, Maharashtra also provided support to the bears.

Spread between NCDEX September and October contract is Rs-3.00 against previous day of Rs -6.00 per 100 Kg.

CBOT September soybean futures ended higher at $ 10.09/bushels on Thursday, up 3.50 cents/bushel as compared to previous close.

CBOT December Soybean meal futures ended higher at $ 296.10/ton on Thursday, up $2.50/tonnes as compared to previous close.

Technical Analysis

Prices closed below its 10 Day and its 20 Day EMA, which indicates bearish market sentiments.

14-Day RSI is at 38.64 which are in neutral region.

Outlook

In the short term, soybean prices are expected to trade lower due to fresh arrivals in Maharashtra and favorable weather for crop in Madhya Pradesh, which is a major producing state of soybean and it contributes more than 50% of total production. Poor export demand of domestic oil meal and existing better carry over stock this year as compared to last year may provide support to the bears.

Courtesy: Angel Commodities

Get Trading Tips that suits your profile

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook