NCDEX Soyabean Trading Updates and Tips

Soybean futures continue to close down due to higher supplies of new season crop compared to its demand. The spot prices have dropped below the MSP in some places in States of MP, Maharashtra and Gujarat Soybean prices to trade sideways to higher due to good demand from traders and mills for new season crops may support prices.

However, higher supplies in the physical market may pressurise prices. Market participants have realise that soybean prices have bottom out and will be traded in a tight range during the peak arrival season during Nov – Dec. Soybean trade ended the day at Rs. 3029 per quin which is approx 1.30% down against its previous close.

@Sold Soybean December at around 3025 targets 2985 Stop loss 3061.

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