Silver market under long liquidation; Support seen at 39109
MCX Gold may trade in a range between 31674-32238
NCDEX Chana under fresh buying; Support seen at 4302
MCX Cotton may trade between 20480-21220 levels
NCDEX Jeera likely to move in a range of 16750-17330
Technically NCDEX Soyabean is getting support at 3579 and below same could see a test of 3545 level, And resistance is now likely to be seen at 3650, a move above could see prices testing 3687.
Soyabean on NCDEX settled down by 0.19% at 3614 on profit booking after prices gained amid demand in physical from millers, restricted supplies and on anticipation of good demand from the oil mills.
Further, worries about dry weather in Brazil and hopes for fresh US soy sales to China, also supported prices. Arrivals in physical market continued to be below trade expectations as farmers are unwilling to offer their stocks expecting prices to rise further in the coming days.
In physical market, demand from crushers was good on hopes that China may open its door for Indian soybean and soymeal. USDA in its December update, showed no changes to the India output at 11 mt for 18/19 season, but up 32% on year.
As per SOPA press release, India’s soymeal exports down 20% on year to around 3.28 lakh tn during last 2-months (Oct-Nov) while arrivals have been at 41 lt, up 14% compared to last year. U.S. soybean crushing in November likely totaled 5.309 million short tons, or 177.0 million bushels, according to the average forecasted ahead of a monthly U.S.
Department of Agriculture report. Estimates ranged from 176.4 million bushels to 177.2 million bushels, with a median of 177.1 million bushels. If realized, the average trade estimate would be down from a 182.9 million-bushel crush in The USDA had been scheduled to issue its monthly fats and oils report. At the Indore spot market in top producer MP, soybean dropped 4 Rupees to 3586 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 3545-3687.
–Soyabean dropped on profit booking after prices gained amid demand in physical from millers.
–Further, worries about dry weather in Brazil and hopes for fresh US soy sales to China, also supported prices.
–NCDEX accredited warehouses soyabean stocks dropped by 2026 tonnes to 134638 tonnes.
–At the Indore spot market in top producer MP, soybean dropped 4 Rupees to 3586 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
