Soybean may fall further on higher production
Tuesday, 26 January 2010
Soybean closed up on short covering Saturday. Although demand situation still looking bearish.
Fresh purchases were not seen in the physical markets as retail off-take remained poor. Buyers were not keen to accumulate stocks as they expect further fall in prices.
Soybean yesterday we have seen that market has moved 0.34per cent. Market has opened at 2173 & made a low of 2172.5 versus the day high of 2191.
The total volume for the day was at 41840 lots and the open interest was at 284580.
Support for soybean is at 2174 below that could see a test of 2164. Resistance is now seen at 2192.5 above that could see a resistance of 2201.
--Commodity online
Fresh purchases were not seen in the physical markets as retail off-take remained poor. Buyers were not keen to accumulate stocks as they expect further fall in prices.
Soybean yesterday we have seen that market has moved 0.34per cent. Market has opened at 2173 & made a low of 2172.5 versus the day high of 2191.
The total volume for the day was at 41840 lots and the open interest was at 284580.
Support for soybean is at 2174 below that could see a test of 2164. Resistance is now seen at 2192.5 above that could see a resistance of 2201.
--Commodity online