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Oilseeds Commentary: Soybean futures take support of lower prices, rise above 4400

25 Nov 2020 9:04 pm
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Mumbai (Commodities Control) – NCDEX Soybean futures today went up by 47 Rs to close at 4404 Rs/Qtl.

As anticipated earlier, prices rebound from lower levels to gain today after falling consecutively from last two sessions.

Soybean crush margin remains robust to attract robust buying by plantation and stockist alike. As of today soybean crush margin for Indore spot prices is 130/150 Rs/Qtl positive. Its hugely encouraging for soybean extraction plants to keep crushing at aggressive pace.

Soybean meal export demand is driving meal prices higher as spread between US Gulf Soymeal FOB and Kandla Soymeal FOR is less than $20/MT which is likely to be favourable for Indian soymeal. It makes Indian soymeal lucrative for overseas buyers.

Henceforth, NCDEX Soybean futures are likely to hold support of 4300 Rs./Qtl and trade towards 4400/4450 Rs/Qtl in coming session.

(Commodities Control Bureau)

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