Investing.com - Financial Markets Worldwide

Soybean Could Become Victim Of Negative Global Cues

ByCommodityOnline
Published 05/10/2012, 04:43 AM
Updated 05/14/2017, 06:45 AM

Soybean trading range for the day is 3447-3581. Kedia Commodities research indicated that support for soybean is at 3469 and below that could see a test of 3447. Resistance is now seen at 3536 and above that could see a resistance of 3580. The market has opened at 3555 and made a low of 3491.5 versus the day high of 3558. The total volume for the day was at 42520 lots and the open interest was at 37740.

Soybean declined as traders offloaded their positions, tracking negative global cues. Soybean yesterday moved -2.99% as traders offloaded their positions tracking negative global cues.

CME soybeans closed lower, somewhere in the upper half of the daily range. Long liquidation was still the order of the day. For the first time in 8 days, there were no new export sales reported under the USDA daily reporting system report by India Infoline.

NCDEX soybean futures fell sharply lower and hit lower limit of 3% on Wednesday on account of profit taking after strong gains of previous trading session. 

Refined soy oil trading range for the day is 738.47-753.67. The market is looking to take support at 741.2, and a break below could see a test of 738.5. Resistance is likely to be seen at 748.8, and a move above could see prices testing 753.7.

NCDEX soy oil futures traded lower on Wednesday (down 1.12%) on account of profit taking after a gain in previous trading session. Weakness in soybean also added bearish market sentiments.

Ref Soy oil yesterday traded with the negative node and settled -1.15% down at 744 as a sharp fall in overseas markets prompted traders to book profits, though thin availability of oilseeds in local spot markets limited the downside.

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