Soybean prices declined towards the end of the day as the traders reduced their risks off setting their positions ahead WASDE report which was due to release at 8.30 PM IST.
CBOT market reacted to the data in terms of declining prices as the report brought not surprises as expected.
Most of the numbers fro U.S were reported to be stable. In between major global oilseed players are expected more planting of soybean in next year which kept prices under pressure.
Outlook:
Soybean prices might remain weak for today as most expected world agriculture supply demand report did not bring in any much surprise as expected.
South American regions production estimates declined as estimated by 4.2 million tons lower than last year.
As per World agriculture supply demand report production estimates for Brazil is around 71 million tons and Argentina is 48 million tons.
Ending stocks in U.S and exports figures for current year remain unchanged. In the domestic markets spot prices have increased substantially which might restrict physical buying across spot markets.
Courtesy: Karvy Commtrade Ltd.
Looking for Agri Research? Visit research.commodityonline.com
