Login ID:
Password:
Partner Login
Contact Us : 7066511911

Oilseed Commentary: Soybean futures to remain firm ahead of India’s budget expectations

1 Feb 2021 9:02 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

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)


N       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Oilseed Commentary: Soybean futures made an upper circu...
BMD Close: Palm slumps 3% to one-week low as March stoc...
BMD Mid-day Close: Palm extends falls on soyoil weaknes...
Malaysian Palm Oil Board Stock Report - April 21
Vegoils commentary: Futures to correct ahead of key MPO...
more
Top 5 News
Pulses commentary: Chana futures fires up; Tur reported...
Oilseed Commentary: Soybean futures made an upper circu...
Spot Coriander Prices Decline amid Lack of South Indian...
Chana Move Higher in Spot Mkts Tracking Firm Futures, M...
Imported-Domestic Tur Gains in Major Mkts
Top 5 Special Reports
Cotton Yarn Prices to Resume Northward Rally; Expanding...
Weekly: Most Pulses Rise Over the Week Amid Mill Purcha...
Weekly: NY Cotton Gains For the First Time in Seven We...
Weekly: NY Sugar Ends Positive on Brazil Weather Concer...
Chana Special: Lower Production & Carry Forward Stocks ...
Copyright © CC Commodity Info Services LLP. All rights reserved.