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Oilseed Commentary: Soybean traded up on bargain buy at lower levels

21 Jan 2021 8:19 pm
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Mumbai (Commodities Control) – NCDEX Soybean most-active contract rise 34 Rs/Qtl to 4581 Rs/Qtl on strong buying support at lower levels and rise in rival palm oil prices.


Demand in soybean remain subdued due to limited demand in soybean meal due to bird flu scare. However, strong palm oil prices due to flood in Malaysia and Indonesia have limited the downside in soybean complex.


Ref soy oil prices remained under pressure in past few sessions but showed limited fall today due to rise in Palm oil prices.


CBOT Soybeans futures are likely to retreat towards $13.30/bu in coming sessions.


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


NCDEX Soybeans oil futures are likely to trade towards 1080/1100 Rs/10kg in coming sessions.


(Commodities Control Bureau)


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