January 29, 2009

Soy futures market observed selling pressure on profit booking and marginally weak international response, with chances of irregular rainfall in Argentina's soybean growing areas in next week.

Thus, buyers are a little bit cautious at international level. In fact international market has observed sideways to slightly weak trend in the past one week.

Indian soy prices are also expected to witness some correction on Thursday in the line with international market.

China is celebrating New Year holidays. NCDEX Soy prices may open with negative responses and any upside move may witness again some selling pressure.

February contract is likely to get support near 2325 then 2269 and resistance near 2396 then 2412.