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Soybean futures gain

FXStreet (Mumbai) - Soybean futures advanced today, recovering from slight weakness yesterday, on signs of increase in the demand for US supplies.

Soybean futures trade 1.61% higher at USD 10.51/bushel, compared to the previous session’s close of USD 10.335/bushel. The prices had come under pressure yesterday as the record harvest in the US neared completion. As per the US Department of Agriculture (USDA) report, the Soybean harvest improved 3 points to 97% done as of Sunday, just behind the 98% average.

However, the prices rallied today after the USDA data showed exports inspections in the week ended Nov. 20 were 52% higher than a year earlier. The data also showed U.S. exporters sold 235,000 metric tons of soybeans to China for delivery by Aug. 31.

Soybean futures Technical Levels

Soybean futures face an immediate resistance at 10.5225, above which gains could be extended to 10.67 levels. Meanwhile, support is seen at 10.332 (10-DMA) and 10.28 (5-DMA).

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