Soyabean on NCDEX settled down by -0.73% at 2992 on profit booking after prices gained taking clues from the spot market on increasing supply concerns in global market. There are reports of good physical demand from the oil millers after hike duty on in edible oil imports. Moreover, reports that government is likely to double the incentive on export of oilmeals to 10% to support domestic oilseed prices.
Trading Ideas:
* Soyabean trading range for the day is 2939-3057.
* Soyabean prices ended with losses on profit booking after prices gained taking clues from the spot market on increasing supply concerns in global market.
* There are reports of good physical demand from the oil millers after hike duty on in edible oil imports.
* NCDEX accredited warehouses soyabean stocks gained by 5303 tonnes to 155640 tonnes.
* At the Indore spot market in top producer MP, soybean gained 8 Rupees to 2979 Rupees per 100 kgs.
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