Soybean rallies on global cues
02.08.2010 12:57 "Agro Perspectiva" (Kyiv) —
The soybean futures staged a strong rally on Thursday rebounding from its penultimate day’s flat closing. Indian market took cues from sharp gains seen in CBOT soy market on Wednesday.
Domestic traders bought soybean futures anticipating good soy meal export demand for India. Yesterday’s rally was mainly driven by the international market.
Traders bought futures on anticipating of lower soy oil imports in the coming months.
The soybean futures are expected to trade in green on Friday on follow through buying supported by strong overseas market
Prices are likely to move higher despite favourable weather condition for standing soybean crop
Till last Friday, the soybean has been sown in an area of 80.28 lakh hectares against 81.53 lakh hectares in the same period a year ago
Traders are likely to buy soybean futures anticipating revival in export demand for soy meal
Fundamental factor of higher acreage and favourable weather condition had already factored in the price movement
The spot price of soybean is quoting at `19601980 per quintal for mandi delivery and `20402080 per quintal for plant delivery
The CBOT soybean futures advanced its positive trend on follow through buying and on strong feed demand
Reports of wheat crop loss in Russia and Europe is increasing demand for soy meal
Strong soy export demand from US especially to China led the rise during the day