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Soybean prices declined further due to fresh arrivals.
At NCDEX. Soybean December futures contract opened with positive not but later on afternoon session soybean prices declined due to fresh arrivals in the spot market and prices went donw up to RS. 3806 per quintal. Lower demand pushed prices down. NCDEX soybean futures trade ended at RS. 3822
per quintal losing 2.48% of its previous close. For today, we expect Soybean prices to trade on a bearish trend.
RM seed prices extended downtrend on lower demand.
NCDEX RM seed futures opened with negative note. It traded down for most part of the day. NCDEX RM seed futures prices declined up to RS. 4617 per quintal and trade ended at RS. 4622 per quintal which is approx 3.81% down against its previous close. Higher supply in the spot market and lower consuming put pressure over RM seed shows continues profit booking from higher levels. Sell on high is recommended for today’s trading session.
Chana prices declined from higher levels on profit booking.
NCDEX Chana December opened on flattish note and traded negative for most part of the session and trade ended at RS 4920 per quintal which is approx 2.30% down against its previous closed. NCDEX Chana futures are expected to trade in range bound with downside bias in today’s trading session tracking cues from spot market.
NCDEX Intraday Tips:
Sell NCDEX RM Seed Dec. below 3990, Maintain Stop loss above 4050, Targets for Intraday Trading are 3940 and 3880