MCX Crude Palm Oil under long liquidation; Resistance seen at 594.6
NCDEX Ref. Soya Oil under long liquidation
MCX Gold under fresh buying; Support seen at 31380
MCX Silver may trade between 38471-39761 levels
MCX Crude Oil under fresh buying; Resistance seen at 5601
Technically NCDEX Soyabean is getting support at 3197 and below same could see a test of 3177 level, And resistance is now likely to be seen at 3248, a move above could see prices testing 3279.
Soyabean on NCDEX settled down by 0.92% at 3216 as market is expecting bumper crop during next season. As per SOPA, soybean production in 2018/19 may highest in last 5 year at 114.8 lakh tonnes 37.8% higher than last year production.
As per 1st advance estimate 2018/19, soybean production is forecast about 22.5% higher at 134.6 lakh tonnes on year. India’s soy meal exports down 32% on year to 59,643 tn in August due to dull demand from major importers according to the data released by SEA. 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 deoiled cake produced in Maharashtra.
Production of soybean is likely to be higher due to rise in acreage in key producing states of Madhya Pradesh and Maharashtra. If China allows Indian soymeal imports, which is “very likely” in the next few weeks, India could export 300,000-400,000 tn of mustard meal and 400,000-600,000 tn of soymeal to China.
India’s total soymeal exports in 2017-18 (Oct-Sep) were around 2.0 mln tn, according to data from the Soybean Processors’ Association of India.
Output of soybean in Madhya Pradesh is seen rising 26.5% to 6.73 mln tn in 2018-19 (Jul-Jun), according to the first advance estimate shared by an official from the state farm department. At the Indore spot market in top producer MP, soybean dropped 18 Rupees to 3189 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 3177-3279.
–Soyabean settled down as market is expecting bumper crop during next season.
–As per SOPA, soybean production in 2018/19 may highest in last 5 year at 114.8 lakh tonnes 37.8% higher than last year production.
–As per 1st advance estimate 2018/19, soybean production is forecast about 22.5% higher at 134.6 lakh tonnes on year.
–At the Indore spot market in top producer MP, soybean dropped -18 Rupees to 3189 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
