Indian farmers are still waiting for monsoon rains to bless their farm land and anxiety is increasing day by day with the passage of time. Barring some rains in few patches, wide spread rains in vast part of the country are still lacking.----------
This condition must logically give to the bullish impetus to the soybean market in India. However this is not happening.
Two reasons are behind it.....
1. Our oilmeal exports have declined substantially during recent past leading to slack demand.
2. The soybean crop conditions in the US are believed to be good enough to result in to big production.
Both of these factors are pressurizing the market sentiments at CBOT as well as in the Indian market.
It is expected that the same trend will continue in short to medium term.
Soybean may find support in medium term near Rs. 2900-3200 in the Indian Futures Market (NCDEX) by September 14.
This condition must logically give to the bullish impetus to the soybean market in India. However this is not happening.
Two reasons are behind it.....
1. Our oilmeal exports have declined substantially during recent past leading to slack demand.
2. The soybean crop conditions in the US are believed to be good enough to result in to big production.
Both of these factors are pressurizing the market sentiments at CBOT as well as in the Indian market.
It is expected that the same trend will continue in short to medium term.
Soybean may find support in medium term near Rs. 2900-3200 in the Indian Futures Market (NCDEX) by September 14.
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