Commodity Picks: 23 November, 2020

Soybean prices at the benchmark Indore market are trading at Rs 4,565 per quintal; Chana prices are trading at Rs 5,205 per quintal in the Delhi market

Soybean

Soybean prices at the benchmark Indore market are trading at Rs 4,565 per quintal. For the week ahead as well the bullish trend is expected to sustain and prices are expected to head towards Rs 4,600-Rs 4,650 per quintal. Crush margins are positive and would support demand from processors. Record soy oil prices, firm cues from global beans and oil markets to keep domestic prices higher for soybeans.

Chana

Chana prices are trading at Rs 5,205 per quintal in the Delhi market. The prices have declined over the last three weeks. We believe that bargain buying is likely to emerge and restrictive selling by the government will provide support. Prices are likely to move towards Rs 5,200- Rs 5,250 per quintal in the coming week.

Prerana Desai, Research head, Edelweiss Agri Services and Credit