NCDEX Mustard Seed may trade between 4177-4315 levels
Silver market under fresh selling; Support seen at 36929
MCX Crude Palm Oil likely to move in a range of 589.9-600.9
MCX Gold likely to trade in a range between 30263-30773
Ref. Soya Oil under fresh selling; Resistance seen at 743
Technically Soyabean market is under fresh selling as market has witnessed gain in open interest by 4.61% to settled at 66770.
Now NCDEX Soyabean is getting support at 3236 and below same could see a test of 3212 level, And resistance is now likely to be seen at 3286, a move above could see prices testing 3312.
Soyabean on NCDEX settled down by 0.03% at 3261 on profit booking after prices seen supported amid weak stocks and demand hope of soymeal.Sellers were cautious in offerings in view of multi-year low stocks due to a fall in 2017-18 output.
Pressure also seen on prices in view of hopes of bumper crops. India’s soybean sowing grew 6.32% to 11.19 million hectare until September 7, showed government data. SOPA had allayed fears of any damage to standing crops.
Prices also seen supported due to the threat of pest outbreaks in Kharif crops, the agriculture department has also become cautious. In the current kharif season, farmers have distributed kharif crops in one lakh 32 thousand hectares of land in the district. Soya bean crops have been sown in 42-thousand-hectare area in the district.
Soybean Processors Association of India (SOPA) clarified that there is no major threat to soybean crop. However, multi-year low stocks and hopes of fresh demand from soymeal supported the prices.
There is no large scale pest and disease attack on soybean crop in Madhya Pradesh, said Soybean Processors Association of India (SOPA). There may bay some small issues in some localized areas but there is no large scale attack or loss to crop.
The National Commodity & Derivatives Exchange Ltd has modified the soybean March contracts making delivery compulsory, according to a circular. At the Indore spot market in top producer MP, soybean dropped 2 Rupees to 3440 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 3212-3312.
–Soyabean prices dropped on profit booking after prices seen supported amid weak stocks and demand hope of soymeal.
–Pressure also seen on prices amid hopes of bumper crops.
–India’s soybean sowing grew 6.32% to 11.19 million hectare, showed government data.
–At the Indore spot market in top producer MP, soybean dropped 2 Rupees to 3440 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
