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Soybean futures gain on slowdown in harvest

FXStreet (Mumbai) - Soybean futures are trading higher today after the report in the US showed that the crop harvesting remains below the five year average.

Soybeans for November delivery are trading 0.45% up at USD 9.4863/bushel. Prices had hit a high of USD 9.5325/bushel earlier today after the US department of Agriculture report said farmers collected 53% of Soybeans as of Oct 19, which is well below the five-year average of 66 percent.

The prices are also recovering support since Brazil, the top Soybean exporter, is delaying planting because of dry weather.

Soybean Technical levels

Soybean has an immediate resistance of 9.5488 (Oct 7 high), above which prices can rise to 9.7263 levels. On the other hand, a failure to sustain above the day’s low of 9.4288 shall push the prices down to 9.3613 levels.

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