Soybean Futures Corrected From Its Higher Levels

Soybean futures corrected from its higher levels due to chart based trading. However, expectation of higher demands from industrial buyers and stockists may keep prices supported. Limited arrivals in spot market and clues from International Markets too trigger prices. Soybean Apr’16 contract closed 2.39% higher settle at Rs. 4,066 per quintal. As per SEA, the current stock of edible oils as on March 1, 2016 at various ports is estimated at 910,000 tonne and about 1,450,000 tonne are in pipelines. The export of soybean meal is also at a historical low of 70,390 tonnes during the first 11 months of 2015-16, compared to 6.14 lt in 2014-15.

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