The February soybean contract on NCDEX was trading at a fresh nine-month high of 3,885 rupees per 100 kg. up 2% from the previous close. The contract rose sharply on hope of robust soymeal export to Iran. A rise in domestic demand was also seen supporting prices. Prices of the oilseed in key physical markets also rose due to robust demand. In Indore, Madhya Pradesh, the oilseed was sold at 3,500-3,550, up 50 rupees from previous day.Arrivals were pegged steady from Saturday at 150,000-160,000 bags (1 bag = 100 kg), traders said.
Chicago soybeans fall for first time in four sessions demand is driving down prices. Chicago soybean futures lost ground on previous day. falling for the first time in four sessions on concerns over a lack of Chinese demand for U.S. supplies amid a trade war with Washington and as the world’s No. 2 economy slows. The most-active soybean contract on the Chicago Board of Trade had fallen 0.2 percent to $9.15 a bushel by 0347 GMT. It firmed 1 percent on previous week when prices climbed to their highest since Jan. 10 at $9.20-1/4 a bushel.
CBOT soybean March contract failed to break a resistance at $9.17 per bushel and it may either hover below this level or retrace to a support at $9.02-1/4. The resistance and the support are identified respectively as the 23.6 percent and the 38.2 percent retracements of the uptrend from $8.39-3/4 to $9.41. European Union soybean imports in the 2018/19 season that started on July 1 totalled 7.8 million tonnes by Jan. 20, up 11 percent year on year.