Soyabean futures bearish on global cues
Soyabean futures fell marginally on NCDEX counter tracking bearish domestic fundamentals and weak global market.
By PTI |
NEW DELHI: Soyabean futures fell marginally on NCDEX counter tracking bearish domestic fundamentals and weak global market.
At 1200 hrs, the most-active August contract lost 0.60 per cent to Rs 2,715 per quintal, September by 0.69 per cent to Rs 2,681 per quintal and October contract by 0.58 per cent to Rs 2,581 per quintal.
"A record acreage of soyabean in India and falling global prices weighed on soyabean futures," Karvy Comtrade Analyst Veeresh Hiremath told PTI.
Area under soyabean cultivation has gone up by 25 per cent to 5.4 million hectares till July 11 from 4.4 million hectares in the same period last year, according to official data.
Meanwhile on Chicago Board of Trade (CBoT), prices are down on account of profit taking with the ease in international crude oil prices, Hiremath said.
On CBoT, Soyabean prices were down by 2.38 per cent to 1,577 cents per bushel, while soya oil fell by 1.47 per cent to 63.65 cents per pound.
Experts said global prices are trading on a negative note after US Department of Agriculture lowered soyabean production estimates to 3 billion bushels from 3.105 billion bushels projected last month.
Of four contracts traded on NCDEX, open interest in August and September contracts stood highest over 50,000. While open interest in the near month July contract is sliding due to nearing of its settlement date.
Open Interest is the total number of outstanding contracts held by investors at the end of the day.
Meanwhile, spot prices in Indore, Madhya Pradesh were ruling firm at Rs 2,764 per quintal.
At 1200 hrs, the most-active August contract lost 0.60 per cent to Rs 2,715 per quintal, September by 0.69 per cent to Rs 2,681 per quintal and October contract by 0.58 per cent to Rs 2,581 per quintal.
"A record acreage of soyabean in India and falling global prices weighed on soyabean futures," Karvy Comtrade Analyst Veeresh Hiremath told PTI.
Area under soyabean cultivation has gone up by 25 per cent to 5.4 million hectares till July 11 from 4.4 million hectares in the same period last year, according to official data.
Meanwhile on Chicago Board of Trade (CBoT), prices are down on account of profit taking with the ease in international crude oil prices, Hiremath said.
On CBoT, Soyabean prices were down by 2.38 per cent to 1,577 cents per bushel, while soya oil fell by 1.47 per cent to 63.65 cents per pound.
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Experts said global prices are trading on a negative note after US Department of Agriculture lowered soyabean production estimates to 3 billion bushels from 3.105 billion bushels projected last month.
Of four contracts traded on NCDEX, open interest in August and September contracts stood highest over 50,000. While open interest in the near month July contract is sliding due to nearing of its settlement date.
Open Interest is the total number of outstanding contracts held by investors at the end of the day.
Meanwhile, spot prices in Indore, Madhya Pradesh were ruling firm at Rs 2,764 per quintal.
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