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Oilseed Commentary: Soybean traded higher on weather troubles in Brazil

3 Mar 2021 6:00 pm
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Mumbai (Commodities Control) – The most-active NCDEX soybean contract stayed uptight to rise Rs 7, closing at 5096 Rs /Qtl.


Amid concerns about unfavorable crop weather in Argentina and Brazil US soybean prices demanded premium for their already short supply.


Till date 25% of harvest is completed in Brazil, lower from 40% completed same period last year. Rains in Brazil, the world's top soybean exporter, could slow fieldwork and soybean loadings for shipment.


Widespread rains in Mato Grosso over the next week should keep fieldwork behind the normal pace.


CBOT Soybean futures are likely 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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