Soybean December futures at NCDEX ended down on profit booking amid sluggish demand. CBOT gained further on signs of strong demand for U.S inventories.
China has bought 116,000 Tons of Soybean from the U.S second biggest exporter after Brazil. Overseas importers are committed to buy 33.2 MMT in Sept and Oct, up 28% from last year's same period. However, domestic demand from millers is likely to slow down amid crush disparity and expectation of increase in arrivals.
Soybean looks to trade sideways with weak bias on expected decline in domestic demand by millers and rise in arrivals while the extent of downside looks limited on global demand for U.S inventories.
December Refined soy oil at NCDEX ended lower on profit booking amid subdued demand and rupee gain due to dollar sales. CBOT market traded steady upon demand supply parity.
Cabinet Panel has deferred the decision on import duty hike and this has also weighed on the prices. Refiners have proposed to hike the import duty from existing 7.5% to 10-12.5%. In Indore, refine soyoil was traded 5 Rs lower at 719-730/10 Kg compared to Tuesday.
Soyoil is likely to trade in range with weak bias on expected profit booking at higher levels amid sluggish demand while the extent of downside looks limited on supply shortage concerns.
Technical:
For the day prices are expected to trade sideways to lower towards 3850 followed by 3800.
A close above 4000 only can attract potential gains till then our bias remains weak.
Contract - December
Strategy - Sell
Entry - On Rallies
Target - 3800
Stop loss - 4000
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