NCDEX July Soybean prices down due to poor demand in spot markets and weakness in benchmark CBOT Soybean prices. Moreover, the progress of Southwest monsoon and pre-monsoon showers in key growing areas were also supported the fall. It is likely to trade on a negative note today as monsoon rainfall has advanced to certain parts of eastern Madhya Pradesh and is likely to cover the whole state by the weekend. It is likely to support sowing activity in these areas pressurizing prices of Soybean futures. Soybean trade ended the day at Rs. 3829 per quintal which is approx 1.57% down from its previous close. We recommend selling Soybean futures during today’s trading session.
Jeera spot prices at the Unjha market in Mehsana remained unchanged. Jeera futures traded on a positive note on account of overseas demand, however, futures took a deviation during the trade
ending session due to the profit booking. Declining arrivals, strong export demand may support the prices to trade high. At present, China is the major buyer of Indian cumin. According to the trade sources, almost 70% of the crops had sold as of now. However, profit booking at prevailing higher levels may limit the gains. Jeera trade ended the day at Rs. 17150 per quintal which is approx 0.06% up against its previous close. We recommend buy Jeera futures during today’s trading session.