SOYABEAN NCDEX MARKET UPDATE NEWS
Soyabean on NCDEX settled down by -0.77% at 3098 on the expectation of higher supply in the global market. US farmers are expected to plant 90.5 million acres of soybeans this spring, topping the record high set last year by about 7 million acres.
Arrivals were marginally higher to 415,000 bags. With the sharp rise in domestic soy meal prices fresh exports are not seen forthcoming. Moreover, the decline in production in Argentina is likely to get offset by a bigger production forecast in Brazil.http://www.ripplesadvisory.com click here
India soybean meal was last traded at $368 per tonne FAS Kandla versus $400 per tonne Argentina, which means India soybean meal is around $32 per tonne discount with rival Argentina. Soybean arrivals in the country totalled at 290,000 bags against 2.75 on the previous session. Good quality soybean which contains 10% moisture traded in the range of Rs 2,975-3,050 per 100kg against Rs 3,000-3,080 on previous session. The United States department of agriculture (USDA) trimmed 2016-17 United States soybean production forecast for January also cut the forecast for ending stockpiles compared to previous month, the department said in its World Agriculture Supply and Demand Estimates report.
Trading Ideas
- Soyabean trading range for the day is 3068-3148.
- US farmers are expected to plant 90.5 million acres of soybeans this spring, topping the record high set last year.
- CDEX accredited warehouses soyabean stocks gained by 2599 tonnes to 166650 tonnes.
- At the Indore spot market in top producer MP, soybean dropped -36 rupees to 3081 rupees per 100 kgs.
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