India Soybean Complex Regains On Short Covering

Published 11/11/2011, 01:34 AM
Updated 05/14/2017, 06:45 AM
Soybean prices gained in the closing hours after trading weak on Wednesday due to pressure of arrivals across domestic spot markets.

Production estimates of Solvent Extractors’ Association is also hovering around 11 million tons compared to 9.5 million tons of production last year.

COOIT estimates soybean production in India to touch 11.5 million tons. CBOT prices have decline substantially during last two trading sessions owing to the harvest pressure and absence of demand from china.

Soy oil prices recovered after loosing substantially on Wednesday as palm oil prices lent support for the recovery.

Despite peak crushing season of soybean in domestic market is in full progress prices are recovering towards the end of the day taking cues from weather disrupting supplies of palm oil and possible shift of demand to soy oil.

CBOT soy oil prices have declined in unison with soybean prices due to weak demand.

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