Soybean futures on NCDEX rose primarily due to a rise in the domestic crude palm oil prices and a slight improvement in demand. The most-active December soybean contract on NCDEX was 0.7% higher at 4,008 rupees per 100 kg.
Overall outlook for soybean is seen bullish, but in near term profit booking is expected. In next few days, the December contract is likely to trade in a wide range of 3,850-4,100 rupees per 100 kg.
In Indore, the benchmark market, soybean was sold at 4,000 rupees per 100 kg, largely unchanged. Arrivals were also unchanged at nearly 4,500 bags (1 bag = 100 kg).
Soybeans futures closed below $9 for the first time since late September for the January contract. The futures finished with a 21 1/4 cent loss for the week. Soybean meal closed lower by $2/ton, with a $8.10 loss on the week.
Soybean oil finished Friday 19 points in the black, to push the wk/wk gain to 45 points. Export commitments of soybeans are now 4.8% above last year, even as unshipped sales down 3%.
Accumulated exports are up 14% at 26% of the USDA projection. Combined, shipped and unshipped sales are 49% of that projection, with the normal pace at 63%. ARC Mercosul estimates that the Brazilian soybean crop is 77.3% planted, vs. the average of 80.5% and 89.6% last year.
Managed money was reported net long by 18,452 contracts, with the long having shrank by 12,598 wk/wk. That was the third consecutive reduction of that long position.