Technically Soyabean market is under fresh selling as market has witnessed gain in open interest by 12.27% to settled at 69565 while prices down 188 rupees.
Now NCDEX Soyabean is getting support at 5307 and below same could see a test of 5230 levels, and resistance is now likely to be seen at 5506, a move above could see prices testing 5628.
Soyabean yesterday settled down by 3.37% at 5385 on the expectation that soon arrival will hit mandi. However downside seen limited on the news of damages due to rain in key sowing area.
Also support seen as Chicago Board of Trade soybean futures rose for a second straight session and headed for their first weekly gain in six, supported by strong demand for U.S. supplies of the oilseed.
Soybean in Indore mandi is at 5787 while 6252 in Kota and 6020 in Nagpur, the soyabean crop is good in the Malwa region of Madhya Pradesh besides some other areas in the State.
It is good in Rajasthan and Maharashtra, too as per physical trader. Support also seen in soybean futures by signs of strong exports as more recently harvested supplies became available.
The average soybean production estimate was 4.415 billion bushels, up from USDA’s September view of 4.374 billion.
The USDA said that export sales of soybeans totalled 1.042 million tonnes. The government also said that private exporters reported a sale of 261,264 tonnes of soybeans to Mexico. At the Indore spot market in top producer MP, soybean dropped 359 Rupees to 5401 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 5230-5628.
–Soyabean dropped on the expectation that soon arrival will hit mandi.
–However downside seen limited on the news of damages due to rain in key sowing area.
–The average soybean production estimate was 4.415 billion bushels, up from USDA’s September view of 4.374 billion.
–At the Indore spot market in top producer MP, soybean dropped 359 Rupees to 5401 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Comodity Online
