Home Commodity Market News NCDEX Soyabean under fresh buying: Resistance seen at 6199

NCDEX Soyabean under fresh buying: Resistance seen at 6199

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Technically Soyabean market is under fresh buying as market has witnessed gain in open interest by 1.77% to settled at 35960 while prices up 117 rupees.

Now NCDEX Soyabean is getting support at 6036 and below same could see a test of 5955 levels, and resistance is now likely to be seen at 6199, a move above could see prices testing 6281.

Soyabean yesterday settled up by 1.95% at 6117 as India’s soybean production may decline sharply in the marketing year 2021-22 (October-September) as erratic rainfall during the sowing season affected yields.

A poor soybean crop could increase India’s reliance on edible oil imports and endanger its exports of soybean meal in the coming months. India’s soybean production in MY 2021-22 is expected to be around 10.8 million mt, nearly 16.6% lower on the year.

India harvested 12.9 million mt of soybean in MY 2020-21, according to ministry of agriculture. Exports of soyameal dropped by 58.93 per cent in August in view of high prices that made the commodity lose its competitive edge in the global market.

According to India’s ministry of agriculture, planted area under soybean was at 12.2 million hectares in 2021-22, slightly higher than 12.1 million hectares in 2020-21.

Argentine farmers have sold a total 30 million tonnes of soybeans from the 2020/21 crop, after registering sales over a seven-day period of 650,200 tonnes, the Ministry of Agriculture said.

The sales volume of one of Argentina’s main crops lagged that of the previous season, when by the equivalent point some 31.6 million tonnes of the oilseed had been traded, the ministry said in report with data through Sept. 15. At the Indore spot market in top producer MP, soybean gained 132 Rupees to 6791 Rupees per 100 kgs.

Trading Ideas:
–Soyabean trading range for the day is 5955-6281.
–Soyabean gained as India’s soybean production may decline sharply in the marketing year 2021-22
–India’s Aug’2021 soymeal exports declined by 81%, Oil meal export down by 4%.
–U.S. September 2020/21 Soybean end stocks estimate at 185 million bushels: USDA
–At the Indore spot market in top producer MP, soybean gained 132 Rupees to 6791 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Source: Comodity Online

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