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Oilseed Commentary: Soybean rise on strong demand from crushers, exporters

15 Jan 2021 9:28 pm
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Mumbai (Commodities Control) – NCDEX soybean futures rose 53 Rs on Friday to close at 4712 Rs/Qtl , supported by signs of strong demand from both the domestic processing sector as well as the export market. soyoil futures also posted strong gains.

The U.S. soybean crush likely rose in December to 185.175 million bushels, the second-highest level on record for any month, according to analysts polled ahead of a National Oilseed Processors Association report due on Friday.


Weekly soybean export sales totaled 1.234 million tonnes, topping market forecasts that ranged from 400,000 to 1.2 million tonnes.


For India, local soybean crushers are continuing to pursue for more beans at current levels to keep their export commitments intact.


NCDEX Soybeans futures are likely to stay above 4500 Rs/qtl, maintain the positive momentum and trade towards 4800/4850 Rs/qtl in coming sessions.

(Commodities Control Bureau)


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