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 on profit booking after prices gained on concerns about tight supplies amid dry weather in Brazil and strong demand for U.S. exports underpinned prices.
China’s soybean imports rose sharply in November from the previous month, as more shipments from the United States arrived during the peak North American export season, customs data showed.
China, the world’s top buyer of soybeans, brought in 8.57 million tonnes of the oilseed in November, up 68% from 5.11 million tonnes in October, data from the General Administration of Customs showed.
Hurricane Ida limited U.S. grains exports including soybeans in September by crippling terminals and delaying shipments.
The planting of Brazil’s 2021/22 soybean crop had reached 94% of the estimated area and is progressing well in most of the country, although a recent lack of rains put farmers on alert in some southern states.
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 (USDA) said last week.
The USDA said weekly export inspections of wheat totalled 245,963 tonnes. It also upwardly revised its wheat inspections total for the prior week to 390,771 tonnes from 250,651 tonnes. 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 6259-6805.
–Soyabean dropped on profit booking after prices gained on concerns about tight supplies amid dry weather in Brazil and strong demand for U.S. exports
–China’s November soybean imports rise on month as more U.S. cargoes kick in
–China imported 8.57 mln tonnes of soy in November
–At the Indore spot market in top producer MP, soybean dropped 192 Rupees to 6587 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Comodity Online
