Indian soy futures likely to decrease

India's soy April contract is expected to go down on expectation of higher stocks and low demand.

April contract opened Rs2,023 per quintal. The contract made a high at Rs2,045 a quintal and a low at 2023 during the trading session. Volume recorded was 5430 tones.

According to analysts, technically and fundamentally, soy is expected to move down, one can make short position for next couple of days, 14 days RSI is at 44.99 and is moving downward.

Soy prices are expected to trade lower on higher global soy production estimate this year as compared to last year.

Meanwhile, ending stocks of soy in the US are expected to rise which may weigh on prices.