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Tuesday, July 5, 2022

NCDEX Soyabean under fresh selling; Support seen at 3348

NCDEX Turmeric under fresh buying; Resistance seen at 6754

NCDEX Mustard Seed under fresh selling; Support Seen at 3980

MCX Crude Oil likely to trade in a range between 3524-3892

MCX Crude Palm Oil likely to move in a range of 479.5-496.3

NCDEX Ref. Soya Oil under fresh buying; Resistance seen at 720

Technically Soyabean market is under fresh selling as market has witnessed gain in open interest by 10.17% to settled at 132400 while prices down 17 rupees.

Now NCDEX Soyabean is getting support at 3348 and below same could see a test of 3320 level, And resistance is now likely to be seen at 3417, a move above could see prices testing 3458.

Soyabean on NCDEX settled down by 0.5% at 3377 due to anticipation of improving arrivals after the elections are over in major producing state of Madhya Pradesh.

However, the United States and China agreed a 90-day truce that will permit talks to end a festering trade war that has roiled global commodities markets for months, capped some losses.

India’s 2018-19 soybean production is projected at 13.46 million tons up 22.5% over previous year, agriculture ministry data showed. According to senior government officials, China is likely to open its doors to soybean from India after allowing the import of no basmati rice and raw sugar.

As per SOPA, India’s soymeal exports in 2018/19 could jump as much as 70% from a year ago, buoyed by expected purchases from the world’s biggest soybean buyer China. Moreover, govt. plans to procure 44 lakh tonnes of oilseeds and pulses from farmers at MSPs in the ongoing kharif marketing season.

India’s 2018-19 soybean production is projected at 13.46 million tons up 22.5% over previous year, agriculture ministry data showed. Further, Soybean Processors Association of India (SOPA) has projected an increase of 70% in soymeal exports during 2081-19 on expectations of fresh demand from China.

Arrivals of soybean in Madhya Pradesh are lower than expected and any significant increase in supplies is unlikely till the assembly polls.At the Indore spot market in top producer MP, soybean gained  3 Rupees to 3428 Rupees per 100 kgs.

Trading Ideas:
–Soyabean trading range for the day is 3320-3458.
–Soyabean prices dropped due to anticipation of improving arrivals after the elections are over in major producing state of Madhya Pradesh.
–India’s 2018-19 soybean production is projected at 13.46 million tons up 22.5% over previous year, agriculture ministry data showed.
–NCDEX accredited warehouses soyabean stocks dropped by 928 tonnes to 125130 tonnes.
–At the Indore spot market in top producer MP, soybean gained  3 Rupees to 3428 Rupees per 100 kgs.

Courtesy: Kedia Commodities            

Source: Commodityonline.com

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