MCX
+21.47
NCDEX
0
Fundamental Analysis
NCDEX Soybean futures settled lower on Thursday due to profit booking, whereas spot prices remained steady.
Some investors who had continued to maintain short positions for several weeks, now they squared off their positions owing to sustained rise in soybean prices.
Soybean futures traded higher on Dalian Commodities Exchange owing to gains in global commodities and equities market.
Chinese demand ahead of Lunar Year and dry weather in major Argentinean soybean producing areas provided bullish market sentiments.
Total arrivals of soybean were around 3 lakh bags on Thursday.
Technical Analysis
Prices (NCDEX Feb Contract) closed lower at Rs.2,024/qtl. on Thursday, as compared to Rs.2,055/qtl on Wednesday.
Prices closed above its 10 Days & its 20 Days EMA. 14-Days RSI is at 77.6.
Prices are likely to trade up with short-term and support and resistance.
Outlook
Soybean prices are expected to trade higher on account of higher prices of soy meal, Chinese demand and dry weather of Argentina (for short term). For, long term, Soybean prices are expected to trade lower on account of record high domestic production estimates and higher stocks of soybean and other oilseeds.
Courtesy: Angel Commodities
