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Oilseed Commentary: NCDEX Soybean futures trade firm on worrying South America weather

8 Mar 2021 5:52 pm
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Mumbai (Commodities Control) - NCDEX Soybean most active futures today closed 97 Rs up to settle at 5142 Rs/Qtl for the day.


Global soybean prices pushed higher as dry weather in Argentina continued to fuel worries about global supplies of the oilseed.


Unfavourable dryness in Argentina and excessive rains in Brazil reinforced supply concerns.


Record U.S. soybean crushings and exports are already projected to shrink U.S. soybean stocks to a mere 9-1/2 day supply ahead of the next North American harvest.


The U.S. Department of Agriculture will update its estimates on global supplies in a monthly report due on Tuesday.


U.S. Department of Agriculture (USDA) crop forecasts on Tuesday, is expected to further lower its estimates for 2020/21 ending stocks for soybean.


CBOT Soybean futures are likely to trade in range $14.0/$14.4 per bushel in for coming sessions.


NCDEX Soybean futures trade lower as per our expectations today. Prices are likely to follow towards 5100/5200 Rs/Qtl.


(Commodities Control Bureau)


       
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