Soybean trades up on global cues

Indian soybean futures staged a strong rally on Wednesday on emergence of fresh buying supported by bullish fundamental factors.
Positive trend in overseas market gave underlying support to the Indian market. Global oil and oilseeds markets were trading higher on expectation of bullish crop report from USDA.
On domestic front, active buying interest from crushers to meet the meal export demand lent support to the market.
Limited supply of the produce and positive crush margin has been supporting the prices in spot market.
Outlook
The soybean  futures are expected to extend its bullish trend on continued buying interest and taking cues from strong overseas market.
CBOT soybean futures rallied to fresh 2 ½ year high on Wednesday reacting to positive USDA report and taking cues from corn market.
In February month World Agriculture Supply Demand Estimate, USDA kept the US soybean production and ending stock unchanged from last month forecast.
It raised the production forecast for Brazil by 1 million ton to 68.5 million tons and Argentina production estimate was lowered by 1 million ton to 49.5 million tons.
Corn futures rose to 31-month high due to lower carry-over stock projection. With the recent surge in price of wheat, corn, soy and cotton there is likely competition for acreage in upcoming season.
On domestic front, encouraging oil meal export demand is likely to render support to the market. According to the Solvent Extractors Association of
India, soy meal export during Apr-Jan rose 67% Y/Y to 2.88 million tons. December month soy meal exports more than doubled Y/Y to 574,996 tons.

(Source: http://www.commodityonline.com/futures-trading/technical/Soybean-trades-up-on-global-cues-21833.html)