NCDEX Soybean: Short covering fresh buying nudges up futures

Last Updated : 15 January 2013 at 14:15 IST

 

NCDEX Soybean: Short covering, fresh buying nudges up futures

 

Source :Commodity Online

 

For medium term, soybean futures are expected to remain volatile on improved supply and concerns over price movement in the futures. Soybean crushing millers are not buying aggressively on improved soybean production around the globe.

MUMBAI (Commodity Online): Soybean futures on India‘s National Commodity and Derivatives Exchange (NCDEX) are in the positive territory on short covering, and fresh buying.

Soybean futures on NCDEX were up by 1.8% at Rs. 3223.5 per 100 kg for February contract as of 01.45 PM IST on Tuesday.

“Soybean made a good up-tick movement today on fresh buying. It has good support at lower levels and positive movement is expected in coming sessions,” said Melbin Noble, Research Analyst at Commodity Online reacting to the February soybean trend.

“Good support exists at Rs. 3185 and resistance at Rs. 3275,” noted Melbin

For medium term, soybean futures are expected to remain volatile on improved supply and concerns over price movement in the futures. Soybean crushing millers are not buying aggressively on improved soybean production around the globe.

According to first advance estimates, India‘s soybean output is estimated at 126.2 lakh tons for 2012-13.

Soy meal exports fell by 34% in December to 5.10 lakh tons, according to the Soybean Processors Association of India (SOPA).

The country had exported 7,78,382 tons of soy meal in December 2011.

Global soybean production is projected at 269.4 mn tons, up 1.7 mn tons when compared to the last year.

Cheap palm oil imports from Malaysia might limit the gain of soybean on Indian spot markets.

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