NCDEX SOYABEAN FUTURES TRADED ON NEGATIVE NOTE

• MUMBAI(Commodity Online): Soybean futures traded on a negative note on Friday due to profit taking on higher levels.
• Soybean December contract fell 1.36% to 3273 levels on Friday  at NCDEX. Bearish trade is predicted for the commodity but strong demand of soy meal may act as a positive factor.
• Soya bean December contract is likely to trade bearish for short term as well as intra day. Short term support is seen at 3150 and resistance at 3360. “Intra day support is seen at 3250 and and resistance at 3320,”.
• On the domestic front supply of soybean is normally seen between 5 and 6 lakh bags in the country but as per trade sources total supplies coming in the mandis remains lower by 15-20% roughly.
• Soybean planting in Argentina is now estimated to be 35% completed.