Investing.com - Financial Markets Worldwide

Soybean Outlook Still Bullish

ByCommodityOnline
Published 05/08/2012, 04:09 AM
Updated 05/14/2017, 06:45 AM

Soybean trading range for the day is 3552-3710. Support for soybean is at 3580 below that could see a test of 3550. Resistance is now seen at 3660 above that could see a resistance of 3709. The total volume for the day was at 68350 lots and the open interest was at 46020 report by Kedia Commodities.

According to India Infoline CME Soybeans were down 22cents for the week. NCDEX soybean futures declined sharply for the second straight session on Saturday by 0.76% on profit booking owing to 22% drop in exports of oil meal mainly due to disparity in crushing resulting into less availability for exports. The soybean market has moved -0.76% due to profit booking but outlook remains bullish on the back of surging meal exports and shrinking supplies.

The prices have fallen in the Indian market. But a recovery in prices was noticed on Friday (May 4th). NCDEX soybean May future prices were higher by 2.5% to Rs.3700.5 per quintal against last week close on Apr 27th at Rs.3608.5 per quintal.

Traders expected near 1.3-1.5 million. Cumulative old crop soybean sales stand at 96.9% of the USDA forecast versus a 5 year average of 95.4%. Sales of 60,000 tonnes are needed each week to reach the USDA forecast.

As per the US sowing and planting progress report, soybean plantation was 12% as compared to 13% forecast. Lower global ending stocks as lower production estimates of South America (Brazil and Argentina) coupled with strong demand of soybean from China.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.