Edible oil futures recovered sharply from early losses, but ended on mixed note. Soy bean futures managed to end on positive note, while, soy oil prices declined marginally due to profit taking. The active contract soy bean December NCDEX bounced back from low of Rs2233 and ended at Rs2271 levels.
Outlook
Strong demand from stockiest supporting sharp rise in soy bean prices in last couple of weeks despite huge arrivals
Lower output estimates in India even as record global output is bullish factor for domestic prices
Meanwhile, demand may not sustain at these higher prices and likely to pull down the prices at least in short term
Spot prices are quoting at Rs2150 per quintal at Indore
Indian soy bean output is estimated at 90 lakh tonnes for 2009-10 against 95 lakh tonnes in last year
CBOT soy bean futures 994 cents, down by 0.28% and soy oil futures is trading at 37.32 cents, up by 0.19%
For the day ahead, soy bean and oil futures are expected to take correction following sharp fall in global edible oils
Courtesy: JRG Wealth Management Sitting in India, trade in markets across the globe. Click here to join
