Oilseed Commentary: Soybean futures riding high on aggressive Chinese buying

Mumbai (Commodities Control) – CBOT March soybean futures closed 26¾¢ higher at $13.70¼. May soybean futures closed 26¾¢ higher at $13.69¾.

On Tuesday, the CME Group’s farm markets were rallying on strong demand for corn and soybeans and the end of aggressive investor selling.

Over the weekend, more rain moved across central Brazil. In Argentina, rain moved through the northern areas and into Paraguay.

The extended weather models over the next two weeks show more rain for Brazil and most of Argentina. The longer term week three and four forecasts bring back dry conditions to southern Brazil and northern Argentina.

CBOT Soybeans futures are likely to retreat towards $13.90/bu in coming sessions.

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

(Commodities Control Bureau)