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Wednesday, December 1, 2021

NCDEX Soyabean likely to move in a range of 5113-5553

Technically Soyabean market is under short covering as market has witnessed drop in open interest by 2.19% to settled at 78275 while prices up 131 rupees.

Now NCDEX Soyabean is getting support at 5236 and below same could see a test of 5113 levels, and resistance is now likely to be seen at 5456, a move above could see prices testing 5553.

Soyabean yesterday settled up by 2.51% at 5358 tracking rise in overseas prices supported by signs of good overseas demand for U.S. supplies.

European Union soybean imports in the 2021/22 season that started in July had reached 3.88 million tonnes by Oct. 24, data published by the European Commission showed.

That compared with 4.58 million tonnes by the same week in the previous 2020/21 season, the data showed. Argentine farmers have so far sold 32.7 million tonnes of 2020/21 soy, the Agriculture Ministry said in a report including data through October 20.

The rhythm of sales was behind that of the previous season, when as of the same date last year sales of 33.9 million tonnes of the oilseed had been registered, according to official data.

Soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonnes this year on higher sowing area and likely improvement in productivity, according to industry body SOPA.

In its estimate, Soyabean Processors Association of India (SOPA) said that the total area under soybean for the year 2021 is 119.984 lakh hectares. The government’s area estimate is 123.677 lakh hectares.

In last year’s Kharif (summer sow) season, total soyabean acreage stood at 118.383 lakh hectare. At the Indore spot market in top producer MP, soybean gained 87 Rupees to 5412 Rupees per 100 kgs.

Trading Ideas:
–Soyabean trading range for the day is 5113-5553.
–Soyabean gained tracking rise in overseas prices supported by signs of good overseas demand for U.S. supplies.
–European Union soybean imports in the 2021/22 season that started in July had reached 3.88 million tonnes by Oct. 24
–Argentine farmers have sold 32.7 mln tonnes of 2020/21 soy so far
–At the Indore spot market in top producer MP, soybean gained 87 Rupees to 5412 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Source: Comodity Online

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