Silver market under fresh selling; Support seen at 36852
Gold market under fresh selling; Support seen at 30325
NCDEX Mustard Seed under long liquidation; Support seen at 4227
MCX Crude Palm Oil under short covering; Support seen at 594.5
Ref. Soya Oil market under fresh Selling; Resistance seen at 735
Technically Soyabean market is under long liquidation as market has witnessed drop in open interest by 0.96% to settled at 66130 while prices down 10 rupees.
Now NCDEX Soyabean is getting support at 3233 and below same could see a test of 3216 level, And resistance is now likely to be seen at 3274, a move above could see prices testing 3298.
Soyabean on NCDEX settled down 0.31% at 3251 tracking weakness in spot demand amid hopes of bumper crops. Government is likely to announce Rs 10,000 Crore package to ensure MSP to oilseeds farmers.
According to the data released by SEA, India’s soy meal exports down 32% on year to 59,643 tn in August due to dull demand from major importers. For Apr-Aug, India’s soymeal exports down by 4% on year at 3.72 lakh tonnes.
The area under soybean in the country up 6.3% at 111.9 lakh ha as of last week compared to last year sowing, according to data released by the farm ministry. The United States Department of Agriculture (USDA) has hiked 2018-19 estimates for the US soybean production and ending stockpiles for September.
The USDA, in its World Agriculture Supply and Demand Estimates report, expects soybean output in United States, the world’s biggest soybean grower, at 127.73 million tons in September, compared to 124.81 million tons estimated in August.
The USDA also increased 2018-19 US soybean ending stockpiles projection to 23.00 million tons for September compared to 21.35 million tons in August.
Soybean production forecast for Brazil and Argentina, world’s second and third largest soybean producers, was kept unchanged at 120.50 million tons and 57.00 million tons respectively by USDA for the month under review. Global soybean 2018-19 output is forecast at 369.32 million tons in September, up from 367.10 million tons estimated in August.
Trading Ideas:
–Soyabean trading range for the day is 3216-3298.
–Soyabean prices ended with losses tracking weakness in spot demand amid hopes of bumper crops.
–Government is likely to announce Rs 10,000 Crore package to ensure MSP to oilseeds farmers.
–USDA has hiked 2018-19 estimates for the US soybean production and ending stockpiles for September.
–At the Indore spot market in top producer MP, soybean dropped 31 Rupees to 3409 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
