Sell Soyben Mar Fut on rise: Emkay

Emkay Commodity Research has come out with its report on Soybean. The research firm says March Soybean price could extend its two day declines towards Rs 3240 followed by Rs 3220 levels. For the day trend remains weak, one can prefer sells on rallies.
 
Soybean (plant delivery, Indore) prices witnessed mild losses due to limited buying activities on weakness in electronic CBOT on chances of rains in Argentina and fall in BMD CPO.  Overall supply in Indian market was much lesser contrast to M.P market. The supply continues to be lower in the key cash markets as farmer selling is restricted. The export of oilmeals during January 2013 is reported 767,646 tons compared to 549,716 tons in January 2012 i.e. up by 40%.  Soybean prices are likely to trade in range on rains forecast in Argentina and increase in soymeal exports.  

Technical:  Mar Soybean price could extend its two day declines towards 3240 followed by 3220 levels. For the day trend remains weak, one can prefer sells on rallies.

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