NCDEX Soyabean under fresh buying; Support seen at 3815

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Technically Soyabean market is under fresh buying as market has witnessed gain in open interest by 0.46% to settled at 146930 while prices up 20 rupees.

Now NCDEX Soyabean is getting support at 3815 and below same could see a test of 3777 level, And resistance is now likely to be seen at 3885, a move above could see prices testing 3917.

Soyabean on NCDEX settled up 0.52% at 3853 amid fears of the emergence of El-Nino this year as el-Niño may impact crucial monsoon rains. India’s 2018-19 soybean output is projected 24.7% higher at 13.69 million tons as per second advance estimates released by agriculture ministry.

European Union soybean imports in the 2018/19 season that started last totalled 10.4 million tonnes, up 11 percent against 9.4 million at the same point last year, data published by the European Commission on showed.

Agriculture ministry estimated 2018-19 at 13.69 million tons, up 24.7% on year. Also, October-February soybean arrivals jumped 25% on year to 7.3% million tons as per data released by Soybean Processors Association of India (SOPA). However, higher possibilities of emergence of el-Niño in the coming months checked prices to decline.

Likely el-Niño may impact Indian monsoon rains and hit soybean sowing. China’s imports of soybeans from the in February surged from January as cargoes booked after a Sino-U.S. trade truce arrived in the world’s top oilseed importer, according to Chinese customs data.

China brought in 907,754 tonnes of U.S. soybeans in February, up from 135,814 tonnes in January. Meantime, soybean arrivals during current soybean year 2018-19 (October-September) jumped nearly 25% to 7.3 million tons until February, while crushing grew 10% to 4.85 million tons on the back of bumper crop, showed data.   

Trading Ideas:
–Soyabean trading range for the day is 3777-3917.
–Soyabean gained amid fears of the emergence of El-Nino this year as el-Niño may impact crucial monsoon rains.
–India’s 2018-19 soybean output is projected 24.7% higher at 13.69 million tons as per second advance estimates released by agriculture ministry.
–China may import higher soybean in 2019/20-USDA
–At the Indore spot market in top producer MP, soybean gained  14 Rupees to 3922 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Source: Commodityonline.com