NCDEX SOYABEAN NEWS

Soyabean settled up 0.34% at 3840 due to drop in production from the major producing belts along with tightening supplies. However, an additional margin of 5 percent on soybean futures imposed by the National Commodity & Derivatives Exchange (NCDEX) capped some gains in soyabean prices. The USDA has recently estimated Brazil production 2.4% higher versus last year’s. Already the USDA report released on November 10 was bearish for the global market.

The 2015/16 U.S. season-average soybean price is projected at $8.40 to $9.90 per bushel, unchanged from last month. Soybean meal prices are also unchanged at $310 to $350 per short ton. The 4th estimate released by the GOI indicated lower than the estimated production for Indian soybean.

Trading Ideas:
Soyabean trading range for the day is 3730-3932.
Soyabean prices ended with gains due to drop in production from the major producing belts along with tightening supplies.
However, an additional margin of 5 percent on soybean futures imposed by the National Commodity & Derivatives Exchange (NCDEX) capped some gains.
NCDEX accredited warehouses soyabean stocks gained by 1122 tonnes to 29332 tonnes.
At the Indore spot market in top producer MP, soybean dropped -13 rupee to 3733 rupee per 100 kgs.

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