Soybean trades down on selling pressure

The soybean futures on Indian bourses traded on a weaker note on Saturday on strong selling pressure.
Indian traders and investors sold soybean futures with the drop in demand for its by-products. Sluggish demand for soybean in the spot market especially from crushers had a bearish impact on the market.
Indian market moved in sync with weak global market. CBOT soybean futures ended sharply down on shift in demand for soybean from US to Brazil.
Pick-up in harvesting of soy crop in Brazil and weather improvement in Argentina acted a bearish factor for the market.
Outlook
The bearish trend in the soybean derivatives market is likely to extend on Monday on follow through selling. Sluggish demand for soybean and its by-products in the spot market is likely to weigh on the futures market.
Crushers may continue to abstain from active buying because of poor meal export demand. Shrinking crush margin is also prompting them to stay away from active buying. Market participants are closely watching for budget wherein government is likely to announce some measures to control food inflation.
With the commencement of soy harvesting in Brazil, soy meal demand from South East Asian countries is shifting from India to Latin America. Lower meal price offered by Brazil is also major reason for shift in demand.
CBOT market will not operate today due to President’s Day holiday. BMD palm oil futures are trading on a weaker note reacting to Friday’s decline in CBOT soy market and on bearish export data.

(Source: http://www.commodityonline.com/futures-trading/technical/Soybean-trades-down-on-selling-pressure-22059.html)