Soybean recovers on global cues

The NCDEX soybean futures traded on a positive note in first part of Thursday recovering from its falling streak on short covering.
Positive trend in international market at Indian hours gave mild support to the local market. However, in later part of the day, prices tumbled from its morning gains on emergence of selling pressure.
Decline in international prices in later hours had a bearish impact on the Indian market. Weak trend in the spot market amid thin supplies had a bearish impact on the market.
In domestic front, traders and investors were away from active buying in absence of fresh fundamental triggers in the market.
Outlook
The soybean futures are projected to continue its bearish trend on Friday on continued selling pressure. Poor off-take of the produce in the cash market from traders and crushers amid limited supply is likely to weigh on the prices.
Absence of fresh meal export enquiries from South East Asian countries is likely to pressurize the prices. With the progress of harvesting in South America the world soy meal demand is shifting to those countries. As a result of this, Indian traders are not getting enough meal export orders from South East Asian countries.
Increasing oil meal supply competition from South America has been hindering the demand for Indian meal. Indian market is likely to move in line with weak overseas market. CBOT soybean futures ended lower on Thursday on due to continued selling pressure.
Shrinking global demand for soybeans and increasing competition from South America is adding bearishness to the market. Forecast to wet weather condition in eastern Midwest region of US is leading into soy planting in place of corn.
Courtesy: Karvy Commtrade Ltd.

(Source: http://www.commodityonline.com/futures-trading/technical/Soybean-recovers-on-global-cues-23460.html)