Soybean falls on weak global cues
Monday, 18 January 2010
AHMEDABAD, Jan 17 (Commodity Online): NCDEX Soybean February contract opened down at 2241 per quintal vs. previous close of 2251 made an intraday high at 2244.5 and declined because of weak global markets and weak domestic demand. Currently at 3.53 pm, the contract traded at 2241 down by 10 rupees after made a low of 2223.
Soybean and Soy oil prices are likely to fall further as foreign markets are weak. Malaysian palm oil prices and crude oil prices are also likely to fall which may drag soy complex down further.
"Technical range for Soybean is from 2200-2300." said Shyamal Mehta, Research Analyst with Commodity Online. 14 days RSI for Soybean Jan contract is 23.8 and it shows down trend. Currently Soybean is trading well below 7, 14 and 20 days weighted moving averages which also signal downward.
Soybean and Soy oil prices are likely to fall further as foreign markets are weak. Malaysian palm oil prices and crude oil prices are also likely to fall which may drag soy complex down further.
"Technical range for Soybean is from 2200-2300." said Shyamal Mehta, Research Analyst with Commodity Online. 14 days RSI for Soybean Jan contract is 23.8 and it shows down trend. Currently Soybean is trading well below 7, 14 and 20 days weighted moving averages which also signal downward.