Mumbai (Commodities Control) – NCDEX Feb soybean futures closed 54 Rs higher at 4646 Rs/Qtl.
Chinese continue aggressive buying of US Soybeans with 4.85 million bushels of new crop being booked.
On the flip side of that, South American weather is turning more favorable, with sufficient rains in the extended forecast.
The CME Group’s farm markets were rallying on strong demand for soybeans and the end of aggressive investor selling.
The extended weather models over the next two weeks show more rain for Brazil and most of Argentina.
The longer term week three and four forecasts bring back dry conditions to southern Brazil and northern Argentina.
NCDEX Soybeans futures are likely to stay above 4500 Rs/qtl, trade towards 4800/4850 Rs/qtl in coming sessions.
(Commodities Control Bureau)
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