Soybean falls on profit booking

The NCDEX soybean futures witnessed a positive trend in early trade of Saturday on follow through buying and taking cues from firm overseas market.
Active buying interest on expectation of revival in demand for soybean and its derivatives gave underlying support to the market.
However, market failed to sustain its positive trend and tumbled in late hours on profit taking.
Outlook
The soybean futures are projected to trade on a positive note on emergence of fresh buying. Domestic traders and investors are likely to buy futures anticipating revival in demand for soybean and its derivatives.
This supply of the produce is likely to attract stockists to buy and stock the good to meet medium term crushing demand. At present, crushers are buying soybeans in a very slow pace as they have bought enough quantity to meet their crushing requirement. Indian markets are likely to move in line with firm international market.
CBOT soybean futures are likely to trade on a positive note on strong buying interest. Bullish demand outlook especially from China is rendering support to the market. US traders are likely to buy soybeans, which might result into higher price and might induce farmers to take up more soybean cultivation in upcoming season.
The soybean harvesting in Brazil is very slow due to intermittent rainfall, which is disturbing harvesting activity. According to Safras, Brazilian famers have harvested 22% of their soybeans as on 4th March 2011 against 33% in the same period a year. Harvest delays and bullish demand outlook might render support to the market.

(Source: http://www.commodityonline.com/futures-trading/technical/Soybean-falls-on-profit-booking-22366.html)