Mumbai (Commodities Control) – CBOT March soybeans settled up 16-3/4 cents at $13.70 a bushel, Soybeans advanced 4.5% for the month.
Indian budget announcement later today is likely to boost prospects of futures today as there is a high expectations from it.
Indian govt is looking to boost its oilseed production to cut down on hefty import bills of veg oils.
A long term plan is expected in line with this vision to encourage sustainable and high growth of oilseed production, specially mustard and soybean.
Soybean futures followed higher, with worries about poorly timed rains in Brazil lending support. It's a wet forecast for Brazil, which means possible soybean harvest delays, and also means that Brazil won't be able to get their product out as quickly. That could open up the door for U.S. business.
The weather forecast 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.
NCDEX Soybeans futures are likely to stay above 4500 Rs/qtl, trade towards 4800/4850 Rs/qtl in coming sessions.
(Commodities Control Bureau)
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