Technically Soyabean market is under short covering as market has witnessed drop in open interest by 4.12% to settled at 69060 while prices up 64 rupees.
Now NCDEX Soyabean is getting support at 5322 and below same could see a test of 5270 levels, and resistance is now likely to be seen at 5418, a move above could see prices testing 5462.
Soyabean yesterday settled up by 1.21% at 5374 on short covering after prices dropped as soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonnes this year on higher sowing area and likely improvement in productivity, according to industry body SOPA.
In its estimate, Soyabean Processors Association of India (SOPA) said that the total area under soybean for the year 2021 is 119.984 lakh hectares. The government’s area estimate is 123.677 lakh hectares.
In last year’s Kharif (summer sow) season, total soyabean acreage stood at 118.383 lakh hectare. China’s soybean imports from Brazil in September fell 18% from a year earlier, customs data showed, as poor crush margins limited demand.
The world’s top buyer of soybeans brought in 5.936 million tonnes of the oilseed from Brazil last month, versus 7.25 million tonnes in the corresponding year-ago period, data from the General Administration of Customs showed.
Crushers stepped up purchases last year from top supplier Brazil as a fast recovering pig herd pushed up demand. But their buying has slowed in recent months, as falling hog prices hit margins.
U.S. soybean export sales for the week ended Oct. 7 were 2.88 million tonnes, primarily due to sales to China, beating trade expectations, according to the U.S. Department of Agriculture. At the Indore spot market in top producer MP, soybean gained 48 Rupees to 5502 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 5270-5462.
–Soyabean gained on short covering after prices dropped as soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonne
–China’s soybean imports from Brazil in September fell 18% from a year earlier, customs data showed, as poor crush margins limited demand.
–Soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonnes this year
–At the Indore spot market in top producer MP, soybean gained 48 Rupees to 5502 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Comodity Online
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