Tuesday, 1 October 2013

Domestic Market Update on Soyabean Crop

In the domestic markets, soybean futures surged 3 percent on the back of domestic cues and rising hopes of a bullish USDA data. Rains in the growing regions of India have raised concerns over the damage caused to the standing crops. Further the arrivals in the spot markets were limited which further added fuel to prices. Many mandis in Madhya Pradesh will remain closed this week on festivities which means lower spot market availability. However, the supply scenario and the large carryover stock continues to paint a bearish picture for the oilseed. Arrivals will augment from the coming week which means price should eventually cool down. Traders should sell the rallies till Rs 3600 per quintal in the November contract for a downside of Rs 3400 with a stop loss of Rs 3700.



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