Commodity Soyabean Down Trend @ Sold for profit booking

Soybean futures closed lower after two days of positive trading due to profit booking and expectation of higher yield. Reports of wet weather and increase in tariff value of soya oil support soybean prices in physical market.. Above normal rains in the parts of MP caused flooding but it may have little effect on the standing crop of soybean.

We expect Soybean prices to trade sideways on expectation of lower level buying by market participants and forecast of good production. However, higher edible oil imports and lower export demand for soya meal may pressurise prices. Soybean trade ended the day at Rs. 3209 per quin which is approx 1.78% down against its previous close. We recommend sell Soybean futures for holding purpose. 

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