Domestic Market Update on Soyabean Crop
Soybean witnessed a round of volatility during yesterday’s session. Sharp swings were seen in the range of Rs 3500-3600 per quintal throughout the day to end the session a tad lower. Expectations of rising arrival created the selling pressure when prices touched a recent high of Rs 3597 per quintal after 20 trading sessions. While the bulls speculate about the actual crop loss due to abnormal rains during the pod filling and harvesting stage of the crop. Sharp rupee appreciation dragged soy oil prices lower as traders chose to book profits. We opine that the spot market arrivals will be a key for the price action in the coming days. Spot market activity will remain thin as mandi’s will remain closed due to Amavasya.
Soyabean trading range for the day is 4014-4126 as estimated by Epic Research. You can also visit our blogs and get useful Agri and Forex Tips.
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