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Soybean Update

posted Apr 26, 2011, 9:39 AM by NAVYUG Info
Over last week soybean witnessed some positive buying interest on the back of a decline in imported soy oil. Going forward soybeans are projected to trade on a positive note this week on extended buying interest. Local markets are likely to pick up in coming days with active buying support from end-users. Domestic traders and investors are likely to buy soybean on expectation of revival in demand for the produce. With the projection of normal monsoon, the demand for soybean for sowing purpose is also likely to emerge. The Indian Meteorological Department has projected 98% Long Period Average rainfall for the country. 

Report of fresh soy meal export enquiries from China and other countries is likely to add bullishness to the market. A recent fall in the prices is attracting traders and investors to buy bean. Limited supply of the produce at major spot markets may also lend support to the market. 

Also Indian markets are likely to move in line with strong international market. CBOT soybean futures are likely to show a positive trend this week on tightening ending stock. Delay in planting of soybeans due to unfavorable weather condition and likely shift in acreage to cotton and corn may push up the prices to higher levels.