www.commodityonline.com
Get Live MCX/NCDEX Spot Prices on your Mobile
MCX
+21.47
2711.5
+0.8%
NCDEX
0
2983.91
0%
Last Updated : 21 Nov 2009 13:59:59
Get Future Price
E.g. : Gold, Jeera, Crude Oil
OR
Choose Commodity

Soybean likely to trade lower due to fall of CBOT futures

2008-10-11 11:52:44
 Print  |
 Email  |
  Discuss  |
Check Services
Fundamental Analysis

Nov Soybean prices closed lower on account of weak sentiments in global market.

During September, only 68,843 tonnes of soy meal were exported against 2.38 lakh tonnes last year. India's soy meal exports rose by 38.64 per cent to 4.8 million tonnes during the oil year 2007-08, according to the Soybean Processor Association of India (SOPA).

Harvesting pressure with record high production estimates of soybean and lower demand of new soybean from crushers owing to high moisture contents also added bearish market sentiment.

Global oilseed in 2008-09 is expected to rise by 26 million tonnes, out of which soybean out during the year is expected to rise by 16 million tonnes to 238 million tonnes.

Technical Analysis

Prices (NCDEX Nov Contract) closed lower at Rs. 1657.00 per qtl on Friday, from its high of the day (1678.00) and touched a low of 1630.00.

Prices closed below its 10 Days & its 20 Days EMA. 14-Days RSI is at 22.67.

Prices are likely to trade sideways down with short-term and support and Resistance.

Outlook

Soybean prices are expected to trade lower on account of huge losses in soybean futures at CBOT owing to sharp fall in crude oil prices at NYMEX on bio-diesel concerned. Pieces are expected to come down on harvesting pressure with record high production estimates of soybean.

Courtesy: Angel Commodities
DGCX DGBP Future
164.74 (-1.64)       Expiring On : 14 Dec 09
Explore Commodity
Online
Read
Check Out
In Depth
Channels
Research
SMS Services
Others
About Us   |    Advertise   |    Contact Us   |    Feedback   |    Disclaimer   |    Terms & Conditions   |    Sitemap