Technically Soyabean market is under fresh buying as market has witnessed gain in open interest by 6.61% to settled at 74160 while prices up 25 rupees.
Now NCDEX Soyabean is getting support at 5296 and below same could see a test of 5183 levels, and resistance is now likely to be seen at 5481, a move above could see prices testing 5553.
Soyabean yesterday settled up by 0.46% at 5410 supported by strong demand for U.S. supplies of the oilseed. However upside seen limited on the expectation that soon arrival will hit mandi. Support also seen on the news of damages due to rain in key sowing area.
Soybean in Indore mandi is at 5787 while 6252 in Kota and 6020 in Nagpur, the soyabean crop is good in the Malwa region of Madhya Pradesh besides some other areas in the State. It is good in Rajasthan and Maharashtra, too as per physical trader.
Support also seen in soybean futures by signs of strong exports as more recently harvested supplies became available. The average soybean production estimate was 4.415 billion bushels, up from USDA’s September view of 4.374 billion.
The USDA said that export sales of soybeans totalled 1.042 million tonnes. The government also said that private exporters reported a sale of 261,264 tonnes of soybeans to Mexico. At the Indore spot market in top producer MP, soybean gained 57 Rupees to 5458 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 5183-5553.
–Soyabean gains supported by strong demand for U.S. supplies of the oilseed.
–However upside seen limited on the expectation that soon arrival will hit mandi.
–The average soybean production estimate was 4.415 billion bushels, up from USDA’s September view of 4.374 billion.
–At the Indore spot market in top producer MP, soybean gained 57 Rupees to 5458 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Comodity Online
