NCDEX Turmeric under short covering; Resistance seen at 6464
NCDEX Mustard Seed likely to move in a range of 4001-4111
Short Covering seen in MCX Crude Palm Oil
Ref. Soya Oil may trade between 711-727 levels
Mentha Oil market under fresh buying; Support seen at 1668.4
Technically Soyabean market is under short covering as market has witnessed drop in open interest by 2.81% to settled at 184070 while prices up 3 rupees.
Now NCDEX Soyabean is getting support at 3348 and below same could see a test of 3330 level, And resistance is now likely to be seen at 3378, a move above could see prices testing 3390.
Soyabean settled flat as buying by crushers was limited in the physical market in the absence of any significant demand for soyoil and soymeal. Reports of higher arrivals and bumper crop hope weighed on prices.
India’s 2018-19 soybean production is projected at 13.46 million tons up 22.5% over previous year, agriculture ministry data showed. Further, Soybean Processors Association of India (SOPA) has projected an increase of 70% in soymeal exports during 2081-19 on expectations of fresh demand from China.
Arrivals of soybean in Madhya Pradesh are lower than expected and any significant increase in supplies is unlikely till the assembly polls. USDA indicated that 1.056 mt of soybeans were inspected for export in the week that ended on November 15, down 22.13% from last week and less than half of the same week in 2017.
The delayed weekly Export Sales report indicated that 470,362 tn of soybeans were sold during the week of 11/8, on the low side of estimates. Shipments in that week totaled 1.358 mt.
Soybean Processors Association of India (SOPA) has projected an increase of 70% in soymeal exports during 2081-19 on expectations of fresh demand from China. At the Indore spot market in top producer MP, soybean dropped 31 Rupees to 3414 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 3330-3390.
–Soyabean settled flat as buying by crushers was limited in the physical market in the absence of any significant demand for soyoil and soymeal.
–India’s 2018-19 soybean production is projected at 13.46 million tons up 22.5% over previous year, agriculture ministry data showed.
–NCDEX accredited warehouses soyabean stocks gained by 871 tonnes to 121792 tonnes.
–At the Indore spot market in top producer MP, soybean dropped 31 Rupees to 3414 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
