-6.7 C
New York
Sunday, January 16, 2022

NCDEX Soyabean under fresh selling; Support seen at 6016

Technically Soyabean market is under fresh selling as market has witnessed gain in open interest by 5.39% to settled at while prices down 194 rupees.

Now NCDEX Soyabean is getting support at 6016 and below same could see a test of 5919 levels, and resistance is now likely to be seen at 6254, a move above could see prices testing 6395.

Soyabean yesterday settled down by 3.08% at 6112 after demand from poultry industry for extension of shipment period for import of soyameal, a by-product of soybean processing for manufacturing oil, upto March 31, 2022.

Export of soyabean meal in October stood at 30,000 tonne, down by over 70 per cent from the corresponding period a year ago due to lack of price competitiveness for Indian soya meal and curtailed crushing.

Overseas shipment of soyabean meal in the first month of the new oil year was recorded at 30,000 tonne as against 1.35 lakh tonne in the same period a year ago, according to Soybean Processors Association of India (SOPA).

Data compiled by the body of soyabean processors has estimated crushing of soybean meal in October at 4.79 lakh tonne. According to SOPA, consumption of soyabean meal by poultry feed in October was little higher at 5.50 lakh tonne as against 5 lakh tonne from the same period a year ago.

China’s soybean imports from the United States in October declined by 77% over the previous year, citing data from the General Administration of Customs.

The data showed that China imported 775,331 tonnes of US soybeans last month, well below the 3.4 million tonnes it brought in during October 2020. At the Indore spot market in top producer MP, soybean dropped 95 Rupees to 6292 Rupees per 100 kgs.

Trading Ideas:
–Soyabean trading range for the day is 5919-6395.
–Soyabean dropped after demand from poultry industry for extension of shipment period for import of soyameal
–Pressure also seen amid weakness in overseas prices on good weekend rains in key soy areas of South America.
–Soybean meal exports down 70% in October this year
–At the Indore spot market in top producer MP, soybean dropped 95 Rupees to 6292 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Source: Comodity Online

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,067FansLike
12,893FollowersFollow
754FollowersFollow
- Advertisement -

Latest Articles

Popular Articles