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Saturday, February 26, 2011

India soybean prices fell this week February 27, 2011

India soybean prices fell this week February 27, 2011 ; In India soybean fell this week tracking weak overseas market and sluggish demand in the physical market. But at the end of the week soybean recovered on bargain buying and on weak arrivals in the spot market.

Whereas refined Soyoil future rose tailing gains in palm oil, while rapeseed was steady as market was expecting a bumper crop. In global market also soybean rose at the weekend. On Friday, soybean futures for May delivery rose 45.75 cents, or 3.4 percent, to $13.75 a bushel.

In the Indore spot market, soyoil rose by 2.65 rupees to 624.75 rupees per 10 kg, while soybean rose by 10 rupees to 2,379 rupees per 100 kg. At Sri Ganganagar market in Rajasthan, rapeseed price rose by 11 rupees to 2,749 rupees per 100 kg.

Export demand of domestic soy meal may decline slightly due to higher production estimates of South America. Higher production estimates of domestic rabi oilseeds this year as compared to last year also provided support to the bears. However, an hour before closing the market prices improved slightly on account of short covering and value buying at lower levels and finally ended mildly lower yesterday as compared to previous day’s close.

In futures market, NCDEX March soybean prices fell from Rs.2455 to Rs 2404.50, a fall of 2.05% (High 2491) while April Soybean prices settled down by 1.82 % from Rs 2490 to Rs.2444.50 (High 2533). March soyoil prices fell from Rs 640.05 to Rs 625.55, down by 2.26% (high 650.80) For the latest updates PRESS CTR + D or visit Stock Market news Today

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