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Oilseed Commentary: Soybean/Mustard prices crash today; Arrival pressure led to fall

27 Oct 2020 5:04 pm
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Mumbai (Commodities Control) – NCDEX Soybean futures fell 64 Rs during today’s session to close at 4326 witnessing a sharp downward movement.

As anticipated in out earlier report, soybean prices were due for correction after rapidly rising since last week to touch the high of 4417 during today’s session.

Excellent weather conditions and relatively higher prices in market push arrivals higher across all major mandis today bringing the prices down.

Soydoc and Refsoy oil prices too showed a correction today to bring down the demand for soybean down for crushers.

As we are yet to reach arrivals peak, we may witness more pressure on prices and increase in soybean availability in the market.

We are expecting NCDEX Soybean prices to retest previously visited levels of 4250/4300 in coming sessions.

NCDEX Mustard futures too were pressed lower after closing up since beginning of week. Prices fell down by 72 Rs to trade at 5947 during today’s session.

The fall was in direct reaction to fall in rival soybean and soyoil prices. Mustard stocks remain tighter with physical stocks only available with stockiest or NAFED.

Now that NAFED tenders have been closed down, prices may not witness a huge correction. NCDEX Mustard futures are likely to slow down for nearby sessions towards 5850 in coming sessions.


(Commodities Control Bureau)


       
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