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NCDEX Soybean Declines On Profit Booking: April1 6, 2012

ByCommodityOnline
Published 04/16/2012, 04:30 AM
Updated 05/14/2017, 06:45 AM
MAR
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NCDEX soybean futures traded lower on the second consecutive day on account of profit taking after a continuous rally from last month. Technically it was in the overbought zone ove the last few days. The initial margin increased to 10% from 5% also added bearish market sentiments.

As per a circular issued by NCDEX dated April 10, 2012, A Minimum Initial Margin of 10% of the value of the contract or VaR based margin, whichever is higher, will be imposed on all running contracts and yet-to-be launched contracts of RM seed, soybean, ref soy oil contracts from April 12, 2012. However, for the medium to long-term soybean prices are expected to trade higher on account of lower global ending stocks.

As per Buenos Aires Grains Exchange, the harvest is now seen at 44.0 million tonnes in the 2011/12 crop year, down from a previous estimate of 45.0 million tonnes.

As per China’s official data, China, the world's largest soy buyer, imported 4.83 million tonnes of soybeans in March, up 26.1 percent from 3.83 million tonnes in February.

As per WASDE, global oilseed production for 2011/12 is projected at 440.6 million tons, down 5.2 million from last month. Brazil soybean production is forecast at 66 million tons, down 2.5 million from last month as warm temperatures.

Global soybean ending stocks are projected at 55.5 million tons, down 1.8 million from last month, and down 13.6 million tons from last year. As per solvent extractors Association of India, India's soy meal exports, in March 2012 increased by 12.16 per cent to 4,60,464 tonnes from 4,10,537 tonnes during the same period last year. However, the soy meal shipments during the finance year 2011-12 (Apr-Mar) were 38,28,521 tonnes, slightly lower by 0.26 per cent from 38,38,775 tonnes a year ago.

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