NCDEX Soyabean under fresh selling; Support seen at 3616

0
10

Technically Soyabean market is fresh selling as market has witnessed gain open interest by 4.4% to settled at 69700 while prices down 44 rupees.

Now NCDEX Soyabean is getting support at 3616 and below same could see a test of 3588 , and is now likely to be at 3676, a move above could see prices testing 3708.

Soyabean on NCDEX settled down by 1.19% at 3643 on fresh selling induced by hopes of increase in arrivals in coming days. With clear weather in most of the producing centres, soybean arrivals are likely to pick up in coming days.

Arrivals were on low quantity as heavy rains in growing regions disturbed harvesting.The USDA said 7% of were harvested, below normal for this time of year. The USDA estimated soybean supplies as of Sept. 1 at 913 million bushels, below the average estimate of 982 million bushels.Soy stocks, however, were up 108% from the same point last year, largely due to the drop in exports to China.

Article continues below Advertisement...

The agency cut its estimate for the 2018 marketing season soybean crop by 2.6% to 4.428 billion bushels, which contributed to stockpiles being smaller than expected. Reports of clear weather over most parts of Madhya Pradesh also put pressure on prices as it would be beneficial for standing crops and expedite harvesting.

Reports of clear weather over most parts of Madhya Pradesh also put pressure on prices as it would be beneficial for standing crops and expedite harvesting. While, growing soybean crops at developing stage are better in other states of India. In Maharashtra, crops are in very good condition and expecting higher yield size for this year.  At the Indore spot market in top producer MP, soybean remains unchanged at 0 Rupees to 3843 Rupees per 100 kgs.

Trading Ideas:
–Soyabean trading range for the day is 3588-3708.
–Soyabean dropped on fresh selling induced by hopes of increase in arrivals in coming days.
–Arrivals were on low quantity as heavy rains in growing regions disturbed harvesting.
–In Maharashtra, crops are in very good condition and expecting higher yield size for this year.
–At the Indore spot market in top producer MP, soybean remains unchanged at 0 Rupees to 3843 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Source: Comodity Online

LEAVE A REPLY

Please enter your comment!
Please enter your name here