Soyabean might top ₹5,600 on NCDEX Akhil Nallamuthu BL Research Bureau | Updated on March 10, 2021 Belgium, France and Iran are the major buyers of Indian soyameal - Getty Images/iStockphoto×
Since October last year, the price of soyabean futures contract on the National Commodity and Derivatives Exchange (NCDEX) has been rallying with intermittent corrections. The March contract breached the psychological level of ₹5,000 in the final week of February, providing a boost for the uptrend. Following this, the contract extended the gain and on Wednesday, it broke out of the resistance at ₹5,200. Thus, the contract looks to have positioned itself to post more gains in the upcoming sessions.