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Oilseed Commentary: Soybean traded lower on dropping demand

2 Mar 2021 6:47 pm
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Mumbai (Commodities Control) – The most active NCDEX April soybean futures finished 55 Rs lower at 5084 Rs/Qtl.


The South American harvest will soon hit the ports, and this is hurting the bean market in particular.


Brazil's soybean crop is expected to reach 133.5 million tonnes in the 2020/21 harvest, broker StoneX said on Monday, an increase from the 132.8 million tonnes previously projected.


U.S. crop insurance policies that guarantee prices for the 2021 growing season are the highest in seven years for corn and the highest in eight years for soybeans, bolstering expectations for record combined acreage of both crops.


The soybean meal prices were sharply lower in China because of the rapidly expanding problem with African swine fever disease in hogs.


With fewer hogs, less feed will be sold which led to the fall in soybean markets in China last week, and in the U.S. on Friday.


As per our expectations, CBOT Soybean futures fell towards 13.8 ct/bu. We expect CBOT Soybean futures to trade in range $14.0/$13.6 per bushel in for coming sessions.


NCDEX Soybean futures trade lower as per our expectations today. Prices are likely to follow towards 4900/5000 Rs/Qtl.


(Commodities Control Bureau)


       
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