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Soybeans not ready to give up gains

FXStreet (Mumbai) - Soybean is inching higher today despite falling-off from a two-month high yesterday.

Soybean for January delivery are trading 1.16% higher at USD 10.26/bushel. The prices had hit a two-month high of USD 10.41 yesterday on speculation that feed demand from the U.S. livestock producers is increasing. Moreover, livestock producers may face trouble sourcing the Soybean due to bottlenecks. Moreover, the rail shipments of grain – Corn and Soybean - totaled 21,838 carloads in the week ended Oct. 18, down 2.6% from the same time last year.

Soybean Technical levels

Soybean has an immediate resistance at 10.41, above which the prices may rise to 10.69 levels. On the flip side, support levels are seen at 10.20 and 10.11.

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