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Tuesday, August 16, 2022

NCDEX Soyabean under fresh buying; Resistance seen at 3283

Crude Oil market under fresh buying; Support seen at 4938

Silver market under fresh selling; Support seen at 37100

MCX Gold may trade in range between 30460-30866 levels

MCX Crude Palm Oil under Fresh selling; Support seen at 604.4

NCDEX Ref Soy Oil may trade between 744-750 levels

Technically Soyabean market is under fresh buying as market has witnessed gain in open interest by 0.47% to settled at 63830 while prices up 26 rupees.

Now NCDEX Soyabean is getting support at 3229 and below same could see a test of 3195 level, And resistance is now likely to be seen at 3283, a move above could see prices testing 3303.

Soyabean on NCDEX settled up by 0.8% at 3262 as support seen weak stocks and demand hope of soymeal. Sellers were cautious in offerings in view of multi-year low stocks due to a fall in 2017-18 output.

However, gains are likely to be limited in view of hopes of bumper crops. India’s soybean sowing grew 6.32% to 11.19 million hectare until September 7, showed government data. SOPA had allayed fears of any damage to standing crops.

Prices also seen supported due to the threat of pest outbreaks in Kharif crops, the agriculture department has also become cautious. In the current kharif season, farmers have distributed kharif crops in one lakh 32 thousand hectares of land in the district.

Soya bean crops have been sown in 42-thousand-hectare area in the district. Soybean Processors Association of India (SOPA) clarified that there is no major threat to soybean crop. However, multi-year low stocks and hopes of fresh demand from soymeal supported the prices.

There is no large scale pest and disease attack on soybean crop in Madhya Pradesh, said Soybean Processors Association of India (SOPA). There may bay some small issues in some localized areas but there is no large scale attack or loss to crop.

The National Commodity & Derivatives Exchange Ltd has modified the soybean March contracts making delivery compulsory, according to a circular.   At the Indore spot market in top producer MP, soybean dropped 3 Rupees to 3442 Rupees per 100 kgs.

Trading Ideas:
–Soyabean trading range for the day is 3195-3303.
–Soyabean prices gained as support seen weak stocks and demand hope of soymeal.
–Sellers were cautious in offerings in view of multi-year low stocks due to a fall in 2017-18 output.
–However, gains are likely to be limited in view of hopes of bumper crops.
–At the Indore spot market in top producer MP, soybean dropped  3 Rupees to 3442 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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