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Monday, May 23, 2022

Soyabean market under fresh buying; Support seen at 3317

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Mentha Oil market under short covering; Support seen at 1638.3

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Technically Soyabean market is under fresh buying as market has witnessed gain in open interest by 2.11% to settled at 51680 while prices up 32 rupees.

Now NCDEX Soyabean is getting support at 3317 and below same could see a test of 3284 level, And resistance is now likely to be seen at 3369, a move above could see prices testing 3388.

Soyabean on NCDEX settled up by 0.96% at 3349 tracking firmness in spot demand amid tight stocks. Traders are expecting revival of demand in spot markets from millers hoping fresh demand for soymeal. Projection of multi-year carry forward for next year provided support to prices.

India’s soybean acreage rose 9% to 11.1 million hectare on the back of higher minimum support price (MSP) and good weather conditions. The United States Department of Agriculture (USDA) hiked 2018-19 estimates for the US soybean production and ending stockpiles for August. 

The USDA, in its World Agriculture Supply and Demand Estimates report, expects soybean output in United States, the world’s biggest soybean grower, at 124.81 million tons in August, compared to 117.30 million tons estimated in July.  China’s soybean imports in July fell from a month ago, customs data showed, as processors slowed purchases after building up a record inventory of the oilseed in preparation for hefty import tariffs on U.S. shipments introduced last month.

China, the world’s largest soy buyer, brought in 8.01 million tonnes of soybeans in July, down 8 percent from 8.70 million tonnes in June, figures from the General Administration of Customs of China showed.

Indian government increased export subsidy on soymeal from 7% to 10% to make it competitive in international market. At the Indore spot market in top producer MP, soybean gained  17 Rupees to 3470 Rupees per 100 kgs.

Trading Ideas:
–Soyabean trading range for the day is 3284-3388.
–Soyabean prices ended with gains tracking firmness in spot demand amid tight stocks.
–Projection of multi-year carry forward for next year provided support to prices.
–India’s soybean acreage rose 9% to 11.1 million hectare on the back of higher minimum support price (MSP) and good weather conditions.
–At the Indore spot market in top producer MP, soybean gained  17 Rupees to 3470 Rupees per 100 kgs.

Source: Commodityonline.com

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