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NCDEX Soybean Ends In Green On Short-Covering

12 Feb 2019 6:25 pm
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Mumbai (Commoditiescontrol) – NCDEX soybean after staying for long in red zone recovered latter with short covering and technical buying. Benchmark Mar’19 contract after making a low at INR 3701, finally settle at INR 3745, higher by 21 points from earlier session.

Meanwhile, US-China trade talk is the biggest point which is controlling overall market including stocks as well as commodities. In today’s session when market player realized, high-level and high-stakes U.S.-China trade talks get underway in Beijing this week, global markets responded positively.

Following to same Indian market despite having weak fundamentals recovered from lower levels and settled slightly higher.

In CBOT, though the overnight session closed lower by 1% during previous day, electronic market was continuously higher showing optimism once again towards US-China trade relationships.

Further in today’s session, Brazil’s food statistics agency will produce its fifth update on the state of Brazil’s soybean and corn crops, and analysts are betting that another production cut is on the cards. This follows baking hot weather and irregular rains across key growing regions.

Brazil consultancy AgRural is lowering its projection for the country’s 2018/19 soybean production by another 147 million bushels down to a total of 4.134 billion bushels after suffering some moderate drought in key production areas. AgRural also notes that Brazil’s current soybean harvest is now 26% complete – well ahead of the prior five-year average of 12%.

Looking at other oils segment, Malaysian palm market remained down with sluggish export data. All the major cargoes- AmSpec Agri Malaysia, Intertek Testing Services and Societe Generale de Surveillance predicted fall in 1-10 days exports by 11-16% on m-o-m basis.

Moving ahead, with once again rising hopes from US-Sino trade meet, market shall continue to remain in cautious note and shall trade in wait and watch mode. Once the trade talks succeed, market will thereafter shift its focus to other major fundamentals. However, any economic slowdown this year could cap overall veg oil and oilseed basket market. One might observe, continuous gains in 1-2 session with likely rise in CBOT market in overnight session.

(By Commoditiescontrol Bureau)

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