Soybean witnessed some fresh buying in past couple of days on expectation of revival in Japanese demand for soy meal. Also recovery in international market on supply threat in Brazil caused by heavy rains added bullish strength to the Indian market. Domestic traders and investors are likely to buy soybean anticipating revival in soy meal export demand in the near term. Recovery in crush margin is likely to prompt crushers to go for aggressive buying of beans from the spot market, which may push the prices. Crush margin is above Rs.1200 a ton. Recent fall in the price is attracting investors and traders to go for buying at lower levels. Indian traders are optimistic about revival in soy meal export demand once Japan’s situation comes into normal. Supply disruption from South American countries—which has been affected by heavy rains in Brazil—is likely to be an advantage factor for India. Indian market is likely to move in line with strong overseas market. |
Whats Happening >