February 20, 2009
Indian soy prices fall due to selling pressure
Soy prices opened weak on Wednesday (Feb 18) and could not recover due to selling pressure.
All active contracts traded 3 percent below the previous close and finally closed well below previous closing.
Physical market also did not support the bulls and prices in the major mandis also fell significantly.
Weather at Argentina's soy growing areas has slightly improved as most of these parts have experienced showers in the past week giving relief to the moisture starved standing crops.
On Thursday morning, international soy sentiments are marginally improved due to short covering.
Indian futures prices are expected to exhibit some improvement on short covering however, the sustainability is still suspicious on higher levels.
