Soybean futures also got hit from weak oil seed market ended in red at Rs. 2031. For the last couple of days, market arrivals have increased considerably amidst steady demand. Increased arrival pressure has weighted upon prices.
Fresh rainfall in the MP soybean growing areas have brightened the crop prospects. In international markets, soybean on CBOT remains bearish.
Market participants opine that there is still some uncertainty regarding yield in US. Thus market will continue to add some risk premium to the prices time to time.
However, it is also true that on higher levels traders would not like to trap by making heavy buying. So we may witness mixed sentiments in the near future. Soy oil futures reported decline ended almost 1% down at Rs. 491.10 on weak crude oil prices backed by weak market cues. International market sentiments were also weak.
However, by the end of the day market closed far above the day's low level indicating that some fresh buying was seen on lower levels.
Since prices have fallen considerably during past few days, thus right now traders are avoiding heavy selling on current levels.
