Soybean ends higher on supply crunch

The NCDEX soybean futures showed a positive trend on Saturday extending its gains on continued buying interest.
Domestic cash markets witnessed moderate buying activity with limited supply of the produce. After projection of normal monsoon, traders bought futures anticipating revival in demand for soybean for seeding purpose.
Spot markets witnessed moderate buying activity from few crushers. Indian market moved in line with firm overseas market.
Outlook
The soybean futures are forecast to trade on a positive note on Monday extending its gains on follow through buying. Firm trend in international market is likely to render support to the Indian market.
Domestic traders and investors are likely to buy soybean futures on expectation of revival in demand for the produce. A recent fall in the prices is attracting traders and investors to buy bean futures. Limited supply of the produce at major spot markets may also lend support to the futures market.
Spot markets are witnessing moderate buying activity from stockists and few crushers. Steady demand for soy meal in local market is likely to render support to the soybean market. Market talk of meal export enquiry from China is likely to lend support to the market.
Indian market is likely to move in line with firm international market. CBOT soybean futures ended higher amid tight US ending stock. A rally in other commodities has been supporting the CBOT soy market to show a positive trend.
Courtesy: Karvy Commtrade Ltd.

(Source: http://www.commodityonline.com/futures-trading/technical/Soybean-ends-higher-on-supply-crunch-23368.html)