MTECHTIPS;-India Soybean futures bearish on likely bumper production


Soy bean prices in India and around the globe are expected to remain firm on bumper production estimates and a significant rise in the supply of edible oils. In India the prices of soy bean, soy oil are expected to remain stable for medium term on cheap imports and increased supply.In India, farmers are holding their soy bean stocks in anticipation of higher returns in the near future. Last week, the demand for soy bean remained stable in mandis.Cheaper edible oil prices are expected to pressurise the prices of soy bean in India. Duty free palm oil import is a big concern for soy bean growers in India.A range bound trade amidst thin volume was seen in soy-bean futures market in India. Due to year end trading, traders avoid to carry forward heavy positions in either sides – states Angel Commodities.Soy bean futures on India’s National Commodity and Derivatives Exchange (NCDEX) were down by 0.11 percent at Rs.3238.5 per 100 kg as of 11.39 IST for January contract on Monday.“Over all trend is looking bearish, support seen near 3170 level while 3390 is the strong resistance for the same. Immediate resistance is seen at 3314 level,” says Milan Shah, Agri Research Manager at Commodity Online reacting to the soy bean trend on






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