Gold Silver Reports — The NCDEX Soyabean futures are likely to remain under pressure in the coming days on the account of favourable rainfall in major soyabean sowing states along with bearish cues from global market.
The sources stated that heavy rainfall in major soyabean growing regions of Madhya Pradesh will improve the prospects of favourable crop in the current year. The met department report stated that several places like Hoshangabad, Indore, Dhar, Ratlam, Ujjain, Khandwa, Khargone, Betul, and Bhopal are likely to record moderate to heavy rains in last few days.
On the other side, the latest release from United States Department of Agriculture (USDA) stated that the global oilseed production for 2017/18 is projected at 573.9 million tons, up 0.9 million mostly on higher forecasts for Ukraine sunflowerseed, India cottonseed, U.S. peanuts, and China soybeans.Global oilseed exports for 2017/18 are projected at 172.9 million tons, up 0.6 million mainly reflecting increased soybean exports for Brazil and Ukraine. Soybean exports are also raised for 2016/17 as higher exports for the United States and Paraguay are partly offset by lower exports for Brazil and Argentina. Global soybean imports are forecast higher principally for China where imports are projected up 2 million tons to 91 million in 2016/17 and 1 million tons to 94 million in 2017/18. Global oilseed ending stocks for 2017/18 are up 1.0 million tons to 104.5 million mostly on higher soybean stocks in China and South America.
The NCDEX futures slumped by more than 1.50 percent in last trading to close at Rs 2991 per quint. The prices are likely to add more selling in todays trading to test 2965-2979 levels. — Neal Bhai Reports