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Soybean futures prices slid for 2nd day in row; Closes at 4283

28 Oct 2020 6:24 pm
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Mumbai (Commodities Control) – Soybean futures traded lower for consecutive 2nd session today to fall by 45 Rs/Qtl and settle at 4283 for most active Nov 20 contract.

As per our expectation, soybean prices came down to 4250 as per our forecast earlier.

Soybean market were pulled by multiple factor today including local and international factors. Primary factors was weaker international counters.

CBOT soybean futures contract was trading at 2 weeks low during today’s trading. Global soybean complex is weak on account of improving weather conditions across Brazil.

Recent planting progress reports suggest national planting is done 16% Vs 31% last year. Slower but robust increase as compared to last few weeks.

Indian soybean arrivals remained heavy today with supporting weather across all key soy regions making prices bend down.

NCDEX Soybean futures are likely to trade weaker in coming session to trade towards 4200/4250 in coming session.

(Commodities Control Bureau)

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