Soybean and soyoil futures contracts ignored positive local cues today and ended down over 2% on the National Commodity and Derivatives Exchange due to profit sales tracking the bearish global market. In the domestic market, soybean arrivals fell by 25,000 bags (1 bag=100 kg) for the second day to 300,000 bags as farmers are hoarding the produce awaiting a further rally once arrivals shrink in the next four to six weeks. spot prices of soybean remained steady, supported by lower arrivals even as prices fell in the futures market. Soybean was auctioned at 3,275-3,325 rupees per 100 kg in Indore, while plant-delivery soybean traded at 3,375-3,400 rupees.
On the Chicago Board of Trade, benchmark (January soybean) contract could not sustain above the crucial resistance of $15-a-bushel level on Monday. This has triggered profit sales on the US bourse and impacted domestic futures prices. Demand for soybean and soyoil in the spot market is good due to the ongoing wedding season. Weak rupee and rising soymeal exports have also cushioned soybean against any fall in prices in the spot markets. Soyoil spot prices in Indore were unchanged at 722-733 rupees per 10kg.
Crude palm oil futures on MCX ended down tracking the trend in benchmark Malaysian contract as weak exports and likely cut in export tax by competitor Indonesia dragged prices lower in a volatile session. On Monday, Malaysia lowered export tax to 0% for January as the country wants to cut its record high stocks by raising exports. The benchmark March crude palm oil on Bursa Malaysia ended at 2,342 ringgits (2,043.92 rupees) per tn, down 9 ringgits from Monday's settlement price, according to exchange data.
Mustard futures contracts ended mixed on divergence in near-term and long term fundamentals. December and January contracts ended up on short covering tracking the firm spot market as falling stocks of the oilseed supported recovery in prices as harvest of new crop is still two to three months away. April and May mustard futures ended down on expectation of at least 10-12% rise in output as rabi acreage so far has touched 6.36 mln ha compared with 6.16 mln ha a year ago. Favourable weather is likely to increase yield of the crop.
Ncdex Soy Oil future contract is expected to remain positive on chart, traders are advised to create long position. Intraday resistance is seen near 708.37 , 712.73 & 720.22 . Intraday support is seen near 700.88 696.52 & 689.03.
Ncdex Soy bean future contract is expected to remain positive on chart, traders are advised to create long position. Intraday resistance is seen near 3382 , 3412 and 3462 . Intraday support is seen near 3333-3303-3253.
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