MCX Crude Palm Oil likely to move in a range of 588.1-602.5
Short covering seen in NCDEX Ref Soy Oil
MCX Nickel under short covering; Resistance seen at 905.3
MCX Aluminium likely to move in a range of 143.8-149
MCX Menthol Oil under fresh Selling; Support seen at 1648.8
Technically Soyabean market is under short covering as market has witnessed drop in open interest by 1.68% to settled at 44550 while prices up 14 rupees.
Now NCDEX Soyabean is getting support at 3286 and below same could see a test of 3264 level, And resistance is now likely to be seen at 3326, a move above could see prices testing 3344.
Soyabean on NCDEX settled up by 0.43% at 3308 on short covering amid new crop supplies worries and on reports of good meal exports. India’s 2018-19 soybean output is projected to be 20% higher on year on the back of increased acreage.
Soybean acreage grew 6.32% to 11.26 million hectare, data from agriculture ministry showed. Recent rains in Madhya Pradesh will not adversely impact the ready to harvest soybean crop said a senior official of Indian Institute of Soybean Research.
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The overall crop would be higher than last year because of good yield, the official added. Hike in minimum support price (MSP) also motivated farmers to plant more soybean this year. Government raised soybean MSP to Rs 3,399 per quintal from up from Rs 3,050 per quintal a year ago.
New crop supplies have started pouring in the markets of Madhya Pradesh and Maharashtra and all India soybean arrivals (total inflow both old and new) are reported around 90,000 bags. Arrivals in Indore markets are stated to be around 100,000 bags.
The United States Department of Agriculture (USDA) has hiked 2018-19 estimates for the US soybean production and ending stockpiles for September. At the Indore spot market in top producer MP, soybean dropped 7 Rupees to 3379 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 3264-3344.
–Soyabean prices gained tracking firmness in overseas prices and spot prices on reports of good meal exports.
–Recent rains in Madhya Pradesh will not adversely impact the ready to harvest soybean crop said a senior official of Indian Institute of Soybean Research.
–Arrivals in Indore markets are stated to be around 100,000 bags.
–At the Indore spot market in top producer MP, soybean dropped 7 Rupees to 3379 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
