Selling is likely to continue in soyabean futures

Advisory Data:-

Selling is likely to continue in soyabean futures on the heels of supplies in domestic mandies along with weak prices of soyameal. The NCDEX Soyabean futures shaved off by almost Rs 300 per quintal in the last week.
Traders mentioned that the total arrival of new soyabean in the mandies of Maharashtra such as Sholapur, Latur and Akola added selling pressure in domestic market. The total arrivals of around 20000-25000 bags were reported in the last trading with the price range of Rs 3000-3400 per quintal , down almost Rs 300 per quintal in the last week.
Moreover, weak trend in soyameal market also added some selling in soyabean market. The export prices of soyameal November Delivery at Kandla Port were trading at $582 per tonne , down almost $20-25 per tonne in the last one month. The lower prices of soyameal also witnessed the negative crushing margins of soyaoil processors.
Consequently, the NCDEX October Delivery wilted Rs 284 per quintal in the last week to settle at around Rs 3456 per quintal in the last week. Technically, prices are likely to trade in the range of Rs 3350-3570 per quintal in the near term.