Technically Soyabean market is under long liquidation as market has witnessed drop in open interest by 21.8% to settled at while prices remain unchanged 0 rupees.
Now NCDEX Soyabean is getting support at 6507 and below same could see a test of 6394 levels, and resistance is now likely to be seen at 6809, a move above could see prices testing 6998.
Soyabean yesterday settled flat at 6621 as pared gains on profit booking after prices edged higher, as strong demand for U.S. supplies pushed prices higher.
Support also seen as unseasonal rains in parts of Maharashtra has worried growers.Private exporters sold 122,000 tonnes of U.S. soybeans to unknown destinations for the 2021-2022 marketing year, the U.S. Department of Agriculture said last week.
China’s soybean imports from the United States in 2021/2022 are expected to fall sharply from last season after loading delays following Hurricane Ida. Russia considers setting its grain export quota at 14 million tonnes, including 9 million tonnes of wheat, for Feb. 15-June 30, the Interfax news agency reported.
Global supply worries have eased in recent days amid signs of a stabilizing U.S. crop, ABARES, revised its official estimate for the 2021/22 crop to a record 34.4 million tonnes. Poultry industry has demanded for extension of shipment period for import of soyameal, a by-product of soybean processing for manufacturing oil, upto March 31, 2022.
Export of soyabean meal in October stood at 30,000 tonne, down by over 70 per cent from the corresponding period a year ago due to lack of price competitiveness for Indian soya meal and curtailed crushing.
Overseas shipment of soyabean meal in the first month of the new oil year was recorded at 30,000 tonne as against 1.35 lakh tonne in the same period a year ago, according to Soybean Processors Association of India (SOPA). At the Indore spot market in top producer MP, soybean gained 183 Rupees to 6779 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 6394-6998.
–Soyabean pared gains on profit booking after prices edged higher, as strong demand for U.S. supplies pushed prices higher.
–Support also seen as unseasonal rains in parts of Maharashtra has worried growers.
–Global supply worries have eased in recent days amid signs of a stabilizing U.S. crop.
–At the Indore spot market in top producer MP, soybean gained 183 Rupees to 6779 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Comodity Online
