SOYBEAN: Soybean October futures at NCDEX ended down tracking profit booking at higher levels. CBOT futures settled lower on Friday amid profit booking at higher levels.As per Indian Agri Ministry latest data, soybean acreage has been increased to 121.81 LHa against 108.42 LHa last year. Soybean is likely to trade in range with weak bias on expected profit booking. Also, no cues are available from CBOT market. However, the extent of downside may be limited on crop damage concerns. Technical: NCDEX Soybean October contract turned weak for the short term and is likely to extend its declines towards out towards 3450 followed by 3400 levels. Any gains could be limited for the day at 3520 levels.
Posted on: Mon, 02 Sep 2013 10:06:01 +0000