NCDEX Soybeans Near Contract Low, Global Cues Weak
NCDEX Soybeans futures lingered near contract lows amid gloomy global
cues and lack of demand from local solvent extraction plants. The
commodity has been under immense pressure in last few weeks as increased
arrivals in local mandies followed by ideas of a generous uptick in
oilseeds harvest hurt sentiments. Global soybean futures slipped to a
two-month low yesterday on better global output expectations. Soybean
futures for May fell near $10 per bushel, down about 1.5% on the day.
NCDEX Soybean futures, which have been witnessing a series of contract
lows, stayed under pressure today. The counter tested a low of Rs 2865
per quintal for the April series.
The US Department of
Agriculture (USDA) raised its forecast of US 2016/17 soybean ending
stocks on Thursday above an average of trade expectations, and also
raised its soybean production estimate for Brazil. Brazil’s crop is
projected at a record of 108 million metric tons on favorable weather
and ample rainfall. Globally, USDA raised soybean ending stocks by 2.42
million metric tons for the 2016-17 crop year.
NCDEX Soybeans futures lingered near contract lows amid gloomy global
cues and lack of demand from local solvent extraction plants. The
commodity has been under immense pressure in last few weeks as increased
arrivals in local mandies followed by ideas of a generous uptick in
oilseeds harvest hurt sentiments. Global soybean futures slipped to a
two-month low yesterday on better global output expectations. Soybean
futures for May fell near $10 per bushel, down about 1.5% on the day.
NCDEX Soybean futures, which have been witnessing a series of contract
lows, stayed under pressure today. The counter tested a low of Rs 2865
per quintal for the April series. 
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