NCDEX Mustard Seed under fresh buying; Support seen at 4226
MCX Crude Palm Oil likely to move in a range of 578.9-596.7
NCDEX Ref Soy Oil under fresh buying; Resistance seen at 751
MCX Crude Oil expected to trade in a range between 5174-5316
Copper market under long liquidation; Support seen at 444.5
Technically Soyabean market is under fresh selling as market has witnessed gain in open interest by 5.92% to settled at 102950 while prices down 5 rupees.
Now NCDEX Soyabean is getting support at 3254 and below same could see a test of 3239 level, And resistance is now likely to be seen at 3282, a move above could see prices testing 3295.
Soyabean on NCDEX settled down 0.15% at 3269 tracking weakness in spot demand amid expectation of bumper crop during next season. As per 1st advance estimate 2018/19, soybean production is forecast about 22.5% higher at 134.6 lakh tonnes on year.
The soybean area in the country up 6.3% at 112.6 lakh ha compared to last year. 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. However, there is anticipation of good physical demand for crushing due to expectations over rising exports to China.
China has shown interest in buying soybean de-oiled cake produced in Maharashtra, which will help soybean prices to rise above MSP. Arrivals of news crop have reached up to 30000 – 40000 bags in Indore mandi.
India’s 2018-19 soybean output is projected to be 20% higher on year on the back of increased acreage. Soybean acreage grew 6.32% to 11.26 million hectare, data from agriculture ministry showed.
Recent rains in Madhya Pradesh will not adversely impact the ready to harvest soybean crop said a senior official of Indian Institute of Soybean Research. Meanwhile, USDA weekly crop progress report showed about 30% of soybean crop harvested in US against the 4% of prior year.
Trading Ideas:
–Soyabean trading range for the day is 3239-3295.
–Soyabean dropped tracking weakness in spot demand amid expectation of bumper crop during next season.
–As per 1st advance estimate 2018/19, soybean production is forecast about 22.5% higher at 134.6 lakh tonnes on year.
–The soybean area in the country up 6.3% at 112.6 lakh ha compared to last year.
–At the Indore spot market in top producer MP, soybean dropped 37 Rupees to 3293 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
