NCDEX Mustard Seed under short covering; Support seen at 3818
MCX Crude Palm Oil under fresh selling; Support seen at 535.3
NCDEX Ref. Soya Oil under fresh buying; Resistance seen at 744
MCX Zinc under long liquidation; Support seen at 191.2
MCX Nickel likely to move in a range of 900.8-959.8
Technically Soyabean market is under fresh selling as market has witnessed gain in open interest by 7.46% to settled at 186020 while prices down 11 rupees.
Now NCDEX Soyabean is getting support at 3691 and below same could see a test of 3678 level, And resistance is now likely to be seen at 3722, a move above could see prices testing 3740.
Soyabean on NCDEX settled down 0.3% at 3704 amid reports of higher availability of oil from domestic crushing and hopes of cheaper imports due to weak prices in global markets.
India’s soymeal export is likely to record a growth of 25% during the current fiscal on the back of fresh demand from Europe and Iran.
As per SEA press release, soymeal exports up by 98% on year in January to 210,166 tonne. Overall, Soymeal exports are higher by 16% at 10.66 lt for the Apr- Jan period compared to last year. In the second advance estimates for 2018- 19, govt pegged 2018-19 production at 136.9 lt, up 24.7% on year.
However, SOPA forecast India’s soybean output is higher by 38% at 114.8 lt due to increase in average yield across the country.
Data captured through the latest assessment of farmers, traders and other stakeholders by the apex industry body the Soybean Processors’ Association (SOPA) showed India’s total soybean output standing at 11.48 million tonnes during the ongoing harvesting season as compared to 8.36 million tonnes in the previous season.
During the current season, soybean acreage was up 6.7 per cent to 10.84 million hectare (ha) from 10.16 million ha in the previous season.
Trading Ideas:
–Soyabean trading range for the day is 3678-3740.
–Soyabean dropped amid reports of higher availability of oil from domestic crushing and hopes of cheaper imports due to weak prices in global markets.
–India’s soymeal export is likely to record a growth of 25% during the current fiscal on the back of fresh demand from Europe and Iran
–SOPA forecast India’s soybean output is higher by 38% at 114.8 lt due to increase in average yield across the country.
–At the Indore spot market in top producer MP, soybean dropped 10 Rupees to 3805 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
