Karvy Commodities has come out with its report on Soybean. The research firm has recommended to buy Soybean from lower levels at both CBOT and NCDEX platform.
Last evening, CBOT soybean for November delivery settled at $12.44, up by 1.24 % from previous close. Prices rose tracking strong cues from positive export sales data. The latest USDA weekly export sales data released yesterday showed an increase in net sales of old-crop soybeans by 224 % from previous week. Prices are also getting support from the prevailing rainy weather in the US Midwest region on expectation that the crop yield may affect. According to the latest USDA crop progress report, US soybean planting is 95 % completed, up by 3 % from previous week and 1 point ahead of last five years average. Soybean emergence is reported at 90 % which is 3 points above five years average. Almost 73 % of the crop is reported to be in excellent condition.
NCDEX soybean for July delivery futures settled at Rs. 3928/ quintal, up by 0.31 % from previous close. At the physical market of Indore, soybean traded at Rs. 3900-3950, remain unchanged from previous day. The daily arrivals across MP reported at 25,000 bags, steady as against previous arrivals. According to the trade sources, since few days sluggish demand is witnessed in the physical market owing to low availability of quality soybeans, crushing disparity and weakened soy meal exports. The delay in monsoon is affecting the soybean crop sowing progress in the major growing areas. However, in some of the irrigated areas of Maharashtra and Madhya Pradesh little amount of sowing is witnessed.
Outlook: At 9 AM: IST, E-CBOT soybean is seen trading at $ 12.40/ bushel, down by 0.30 % from previous close. The rainy season in the Midwestern region of US is likely to continue for today which may support the prices for near term. So, we expect CBOT November soybean to trade on a bullish note at today's session. Meanwhile, at the domestic front soybean prices may trade marginally upside in today's session. While we look at the PVO analysis, prices rose while volume and open interest declined which indicates market is expected to remain volatile. Therefore, based on above clues we recommend buying soybean from lower levels at both CBOT and NCDEX platform.
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