NCDEX Turmeric under short covering; Resistance seen at 6660
NCDEX Mustard Seed under fresh selling; Resistance seen at 3866
MCX Crude Palm Oil may trade between 539.1-550.3 levels
NCDEX Ref. Soya Oil likely to move in a range of 746-762
Natural Gas market under short covering; Support seen at 227.8
Technically NCDEX Soyabean is getting support at 3677 and below same could see a test of 3656 level, And resistance is now likely to be seen at 3722, a move above could see prices testing 3746.
Soyabean on NCDEX settled down by 0.3% at 3698 on profit booking after prices gained due to improved physical demand tracking higher exports of soybean meal. According to Solvent Extractors Association, meal exports rose 42% on year to 240,530 tons in December.
However, the area under soybean across the country was at 11.26 million hectare as of last week, up by 6.3% from a year ago, according to Agriculture ministry data. India’s soybean output for 2018-19 has been pegged at 13.46 million tons higher than 10.98 million tons in the previous year, according to the first advance estimate by the agriculture ministry.
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. At the Indore spot market in top producer MP, soybean gained 39 Rupees to 3687 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 3656-3746.
–Soyabean dropped on profit booking after prices gained due to improved physical demand tracking higher exports of soybean meal.
–India’s soybean output for 2018-19 has been pegged at 13.46 million tons higher than 10.98 million tons in the previous year.
–NCDEX accredited warehouses soyabean stocks dropped by 383 tonnes to 134109 tonnes.
–At the Indore spot market in top producer MP, soybean gained 39 Rupees to 3687 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
