India July NCDEX soybean futures likely to open lower on
weak overnight CBOT soy futures. CBOT July soybean lost 9.5 cents to end at
$12.09 a bushel. "The monsoon's progress seems normal, and that will weigh on
prices as well. The trend remains weak and any breach of the INR2,600 support
could trigger fresh selling," says Nirmal Bang Commodities analyst Deepa
Shakdwipee; normal monsoon could lead to higher output and force spot prices
lower. Shakdwipee expects soybean to trade INR2,600-INR2,645 intra-day; it last
closed at INR2,638.
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