Some recovery is seen in the Indian soybean market due to short covering on current levels. However due to lack of good demand market is likely to fall again in the short term.
NCDEX Soybean October contract is likely to trade in the range of 3737-3637. Selling on high levels may result in to gains.
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Edited at 13.40 IST
Latest data from a trade body in India shows very very slow progress of soybean sowing. as per the data released by SEA of India, the soybean sowing till 10 july is only 7.86 lakh ha vs 83.50 Lakh ha during same period last year.
This news has immediately sparked the Indian soybean market. it seems that right now Indian market is guided by the domestic sentiments rather than the international market sentiments. It is to be seen whether this rally will sustain or not ?
NCDEX Soybean October contract is likely to trade in the range of 3737-3637. Selling on high levels may result in to gains.
---------------------------------
Edited at 13.40 IST
Latest data from a trade body in India shows very very slow progress of soybean sowing. as per the data released by SEA of India, the soybean sowing till 10 july is only 7.86 lakh ha vs 83.50 Lakh ha during same period last year.
This news has immediately sparked the Indian soybean market. it seems that right now Indian market is guided by the domestic sentiments rather than the international market sentiments. It is to be seen whether this rally will sustain or not ?
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