Soy Exports to See Phenomenal Prise .

NCDEX October Soybean futures closed lower on account of fresh arrivals of soybean in major markets amid favorable weather conditions.

Spread between NCDEX October and November contract is Rs 35.00 against previous day of Rs 23.00 per 100 Kg.

CBOT November soybean futures ended higher at $ 11.28/bushels on Monday, up 2.50 cents/bushel as compared to previous close. CBOT December Soybean meal futures ended lower at $ 315.70/ton on Monday, down $1.30/tonne as compared to previous close.

According to the Central Organization for Oils Industry and Trade (COOIT), India's soy meal exports are expected to rise 43 percent to 4 million tonnes in the new season that begins in October.

Technical Analysis

Prices closed below its 10 Day and its 20 Day EMA, which indicates bearish market sentiments.

14-Day RSI is at 48.56 which is in neutral region.

Outlook

In the short term, soybean prices are expected to trade lower due to fresh arrival started in Madhya Pradesh, which is a major producing state of soybean and it contributes more than 50% of its total production. Existing better carry over stock this year as compared to last year are in favour of bears.

Source : commodityonline.com