Technically Soyabean market is under fresh selling as market has witnessed gain in open interest by 1.53% to settled at while prices down 70 rupees.
Now NCDEX Soyabean is getting support at 5851 and below same could see a test of 5812 levels, and resistance is now likely to be seen at 5954, a move above could see prices testing 6018.
Soyabean yesterday settled down by 1.17% at 5889 amid new crop arrivals and the commencement of soymeal imports.
However downside seen limited as SOPA has pegged the acreage lower to the extent of 6.45 per cent at 115.5 lh against the Agriculture Ministry’s estimates of 123.60 lh.
Latur Agriculture Produce Market Committee (APMC), reported arrivals of 15,000 quintals with average prices ranging between Rs 5,500 per quintal and Rs 6,100 per quintal.
Soyabean crop has been totally damaged on about 8 lakh hectares (lh) due to excess rains and the crop condition is poor in about 12.83 per cent of the planted area, according to Soyabean Processors Association of India (SOPA), the apex trade body.
SOPA said crop condition is normal in 42.20 per cent of the sown area, good in 22.97 per cent and very good in 15.46 per cent.
SOPA had carried out extensive survey recently across every major soyabean growing districts in states such as Madhya Pradesh, Maharashtra, Rajasthan, Gujarat, Karnataka among others interacting with farmers on the fields, traders, input suppliers, mandi officials and soya processors to assess the health of the oilseed crop.
India’s soybean production in MY 2021-22 is expected to be around 10.8 million mt, nearly 16.6% lower on the year. At the Indore spot market in top producer MP, soybean dropped 156 Rupees to 6144 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 5812-6018.
–Soyabean dropped amid new crop arrivals and the commencement of soymeal imports.
–Latur Agriculture Produce Market Committee (APMC), reported arrivals of 15,000 quintals
–Soyabean damaged on 8 lakh ha; crop health poor in 13% of planted area, says SOPA
–At the Indore spot market in top producer MP, soybean dropped 156 Rupees to 6144 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Comodity Online
