Investing.com - Financial Markets Worldwide

Soybean Affected By Long Liquidation

ByCommodityOnline
Published 05/08/2012, 04:18 AM
Updated 05/14/2017, 06:45 AM
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Soybean trading range for the day is 3460-3628. Support for soybean is at 3497 below that could see a test of 3460. Resistance is now seen at 3581 above that could see a resistance of 3628. Market has opened at 3581.5 and made a low of 3506 versus the day high of 3590.

The total volume for the day was at 76700 lots and the open interest was at 40120. At Indore, prices dropped 59 Rs to 3581 Re per 100 kgs.

NCDEX soybean settled down by more than 2 percent due to long liquidation in the market despite lower sowings data and receding supplies from Brazil and Argentina in the market and soybean prices is likely to fall up to Rs.3450 per quintal due to short selling at higher price level for short-term report by Edelweiss Comtrade.

According to Angel commodities, NCDEX soybean futures continued to trade lower on account of long liquidation amidst lower demand from solvent extractors. Better area of soybean covered in U.S. against the expectation led international prices to end lower on Monday.

Soybean has moved -2.19% on profit booking by the traders tracking poor global cues amid poor demand from the overseas buyers.

Soybean seed prices have risen 30% in Brazil compared to last year, some of the most popular soybean varieties in Brazil are already sold out even though planting will not start for at least another five months.

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