AHMEDABAD (Commodity Online): Soybean Prices at NCDEX, August contract saw some selling pressure in today’s trading session due to higher acerage and weather concern and continues downside trend today well.
NCDEX, August contract opened negative at 2420 per quintal and after making an intraday high at 2436 it started trading downside and made an intraday low at 2387 and still expected to trade downside.
At the CBOT, prices are trading down side on back of the economic concerns in U.S. Down gradation of credit rating of U.S by S & P is affecting the market sentiments.
Domestic front total oilseed acreage has increased to 157.9 lakh hectares compared to 153.06 lakh hectares during the same period last year.
Weak crude oil futures also added bearish tone in the domestic oilseeds market.
Technically, 14 days RSI on Daily chart at 49 indicates downside trend in near future.
Intraday traders can look for the opportunity to sell at higher levels”, said Milan Shah, Commodity Analyst with Commodity Online.
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