Soybean gains on strong buying

The soybean futures on Indian exchanges surged to 10-week high on Saturday on strong buying interest sup-ported by strong demand for the produce.
Indian traders bought soybean futures anticipating more soy meal export enquiries may come for India.
With the lowering of Argentina soy production estimates, active buying was seen in Indian market on anticipation of more meal export demand from South East Asian countries for India. Ease in arrival pressure also added bullish strength to the market.
Outlook

The soybean futures are forecast to extend its gains on Monday on follow through buying supported by strong demand in the cash market. Limited supply of the produce to major spot markets and strong crushing demand is likely to support the prices.
Domestic and export demand for soy meal is emerging and leading to price surge. Indian traders are likely to get more soy meal export enquiries from South East Asian countries after production was lowered for Argentina.
United States Department of Agriculture lowered world soybean production forecast to 255.53 million tons from 257.78 million tons projected in December. Major decline in estimated for US and Argentina to 90.61 million tons and 50.50 million tons from 91.85 million tons and 52 million tons, respectively. US soybean ending stock is projected at 3.82 million tons against 4.49 million tons projected in December.

(Source: http://www.commodityonline.com/futures-trading/technical/Soybean-gains-on-strong-buying-21291.html)