MCX Cotton under fresh selling; Resistance seen at 22430
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Technically Soyabean market is under fresh buying as market has witnessed gain in open interest by 13.33% to settled at 175610.
Now NCDEX Soyabean is getting support at 3433 and below same could see a test of 3398 level, And resistance is now likely to be seen at 3490, a move above could see prices testing 3512.
Soyabean on NCDEX settled up by 1.37% at 3469 due to good physical demand from the oil mills as arrivals are falling in physical market amid farmers are waiting to sell to government at MSP.
In October, soybean closed 2.2% higher on expectation of improving crushing from the oil mills. Government plans to procure 44 lakh tonnes of oilseeds and pulses from farmers at MSPs in the ongoing kharif marketing season that started Oct 1.
Related Post
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.
All India arrival stood around 1.2 million tons up from 1.1 million tons a day ago. Arrivals in Madhya Pradesh were up at 800,000 tons. India’s 2018-19 soybean output is seen at 13.46 million tons, up 22.5%, according to agriculture ministry first advance estimates.
The US Department of Agriculture has slashed its estimate for global oilseed production in 2018-19 to 603.95 mln tn, 720,000 tn lower than the previous forecast, the agency said in its report for October.
India’s soyameal exports during the oil year 2017-18 (ending September 2018) were down 15 per cent at around 1.7 million tonnes (mt) from the previous year’s 2 mt on high domestic prices.At the Indore spot market in top producer MP, soybean gained 16 Rupees to 3327 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 3398-3512.
–Soyabean gained due to good physical demand from the oil mills as arrivals are falling in physical market.
–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.
–NCDEX accredited warehouses soyabean stocks gained by 6707 tonnes to 77531 tonnes.
–At the Indore spot market in top producer MP, soybean gained 16 Rupees to 3327 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
