NCDEX Ref.Soya Oil likely to trade in range between 729-745
MCX Crude Palm Oil under short covering; Support seen at 531.2
NCDEX Mustard Seed may trade in range between 3873-3965
NCDEX Turmeric under short covering; Resistance seen at 6676
NCDEX Jeera under fresh selling; Support seen at 17090
Technically Soyabean market is under fresh buying as market has witnessed gain in open interest by 9.11% to settled at 171860 while prices up 24 rupees.
Now NCDEX Soyabean is getting support at 3486 and below same could see a test of 3461 level, And resistance is now likely to be seen at 3526, a move above could see prices testing 3541.
Soyabean on NCDEX settled up by 0.69% at 3511 amid demand in physical from millers, restricted supplies and on anticipation of good demand from the oil mills. Further, worries about dry weather in Brazil and hopes for fresh US soy sales to China, also supported prices.
Arrivals in physical market continued to be below trade expectations as farmers are unwilling to offer their stocks expecting prices to rise further in the coming days. In physical market, demand from crushers was good on hopes that China may open its door for Indian soybean and soymeal.
USDA in its December update, showed no changes to the India output at 11 mt for 18/19 season, but up 32% on year. As per SOPA press release, India’s soymeal exports down 20% on year to around 3.28 lakh tn during last 2-months (Oct-Nov) while arrivals have been at 41 lt, up 14% compared to last year.
U.S. soybean crushing in November likely totaled 5.309 million short tons, or 177.0 million bushels, according to the average forecasted ahead of a monthly U.S. Department of Agriculture report. Estimates ranged from 176.4 million bushels to 177.2 million bushels, with a median of 177.1 million bushels.
If realized, the average trade estimate would be down from a 182.9 million-bushel crush in The USDA had been scheduled to issue its monthly fats and oils report. At the Indore spot market in top producer MP, soybean gained 14 Rupees to 3505 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 3461-3541.
–Soyabean gained amid demand in physical from millers, restricted supplies and on anticipation of good demand from the oil mills.
–Further, worries about dry weather in Brazil and hopes for fresh US soy sales to China, also supported prices.
–NCDEX accredited warehouses soyabean stocks gained by 556 tonnes to 134299 tonnes.
–At the Indore spot market in top producer MP, soybean gained 14 Rupees to 3505 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
