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Saturday, January 22, 2022

NCDEX Soyabean under short covering; Support seen at 6466

Technically Soyabean market is under short covering as market has witnessed drop in open interest by 7.51% to settled at while prices up 228 rupees.

Now NCDEX Soyabean is getting support at 6466 and below same could see a test of 6310 levels, and resistance is now likely to be seen at 6713, a move above could see prices testing 6804.

Soyabean yesterday settled up by 3.57% at 6621 as unseasonal rains in parts of Maharashtra has worried growers. Chinese importers bought 130,000 tonnes of U.S. soybeans, the U.S. Department of Agriculture said in a daily sales announcement.

Exporters struck deals to sell another 164,100 tonnes of U.S. soy to undisclosed buyers, the USDA said. Brazil soybean exports are forecast to reach 2.286 million tonnes in November, versus the 2.6 million tonnes forecast in the previous week, according to ANEC.

European Union soybean imports in the 2021/22 season that started in July had reached 5.07 million tonnes by Nov. 28, data published by the European Commission showed. That compared with 6.02 million tonnes by the same week in the previous 2020/21 season, the data showed.

Poultry industry has demanded 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). At the Indore spot market in top producer MP, soybean gained 125 Rupees to 6596 Rupees per 100 kgs.

Trading Ideas:
–Soyabean trading range for the day is 6310-6804.
–Soyabean prices gained as unseasonal rains in parts of Maharashtra has worried growers.
–Chinese importers bought 130,000 tonnes of U.S. soybeans, the U.S. Department of Agriculture said.
–Exporters struck deals to sell another 164,100 tonnes of U.S. soy to undisclosed buyers, the USDA said.
–At the Indore spot market in top producer MP, soybean gained  125 Rupees to 6596 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Source: Comodity Online

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