Technically Soyabean market is under long liquidation as market has witnessed drop in open interest by 2.08% to settled at 61755 while prices down 15 rupees.
Now NCDEX Soyabean is getting support at 5446 and below same could see a test of 5412 levels, and resistance is now likely to be seen at 5528, a move above could see prices testing 5576.
Soyabean yesterday settled down by 0.27% at 5480 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.
Private exporters reported the sale of 132,000 tonnes of soybeans to unknown destinations for delivery in the 2021/22 marketing year, the U.S.
Agriculture Department said. Separate sales of 222,350 tonnes of soybeans for delivery during unknown time periods also were reported. At the Indore spot market in top producer MP, soybean gained 21 Rupees to 5707 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 5412-5576.
–Soyabean dropped as Soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonnes this year on higher sowing area
–India’s edible oil producers’ body urges members to cut prices to help consumers
–Private exporters reported the sale of 132,000 tonnes of soybeans to unknown destinations for delivery in the 2021/22 marketing year
–At the Indore spot market in top producer MP, soybean gained 21 Rupees to 5707 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Comodity Online
