Fundamental Analysis

Prices of soybean prices closed slightly higher on account of lower stock of soybean in the domestic markets.

CBOT Sep soybeans ended lower at $13.32 bushels on Thursday, down by 15.6 cents/bushels as compared to previous close.

CBOT Sep soy meal ended at $368.60/ton on Thursday, up by $0.6/ton as compared to previous close.

Argentina crushed 3,453,740 metric tonnes of soybeans in July, up 23% from the 2,798,413 tons turned into soy oil and soy meal during the corresponding month last year, reported in Agriculture Secretariat's latest data.

Technical Analysis

Prices (NCDEX Oct Contract) closed lower at 2136.00 on Thursday; from its high of the day (2145.00) and touched a low of 2125.00.

Prices closed below its 10 Days & below its 20 Days EMA. 14-Days RSI is at 41.94.

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

Outlook

Soybean prices are expected to move slightly down on account of higher sowing acreage of soybean amidst favorable weather in major growing areas and higher production estimates this year as compared to previous year may provide support to bears in the market (for medium term).

Courtesy: Angel Commodities