SOYBEAN:Soybean October futures at NCDEX ended sharply down tracking rise in arrivals together with new season Soybean. CBOT at night edged down on profit booking pressured by USDA’s report awaited on Thursday. Besides weak global cues, scattered and selective arrivals of new crop also added to the bearish sentiment. New crop soybean arrivals have started in M.P and Maharashtra markets. The government has pegged the output at 14.7 MMT in the 4th advance estimates for 2012-13 (July-June). For 2013-14, crop estimates are put at record high amid above average rainfall and higher yield. Soybean is likely to trade with weak bias on early crop arrivals and expectation of higher crop harvests for 2013-14 amid increased avreage. Technical: NCDEX Soybean October contract could trade sideways to lower as price has settled well below strong resistance levels of 3420, where 18-Day EMA falls. Till price manages to trade below 3420 our bias remains weak targeting 3285
Posted on: Wed, 11 Sep 2013 06:08:12 +0000
Recently Viewed Topics
© 2015