Technically Soyabean market is under fresh selling as market has witnessed gain in open interest by 1.41% to settled at 75205 while prices down 124 rupees.
Now NCDEX Soyabean is getting support at 5175 and below same could see a test of 5065 levels, and resistance is now likely to be seen at 5435, a move above could see prices testing 5585.
Soyabean yesterday settled down by 2.29% at 5286 as Soyabean production is estimated to rise by 14 per cent to nearly 119 lakh tonnes this year on higher sowing area and likely improvement in productivity, according to industry body SOPA.
In its estimate, Soyabean Processors Association of India (SOPA) said that the total area under soybean for the year 2021 is 119.984 lakh hectares.
The government’s area estimate is 123.677 lakh hectares. In last year’s Kharif (summer sow) season, total soyabean acreage stood at 118.383 lakh hectare.
“Estimated total production of soybean crop for all India for the year 2021 is 118.889 lakh tons, which is higher by 14.337 lakh tons (13.71 per cent) as compared to last year,” SOPA said.
The production stood at 104.55 lakh tonnes last year. China’s soybean imports in September fell 30% from the same month the previous year, customs data showed, as poor crush margins curbed demand.
China, the world’s top buyer of soybeans, brought in 6.88 million tonnes of the oilseed in September, down from 9.79 million tonnes last year, General Administration of Customs data showed.
Chinese crushers stepped up purchases of soybeans earlier in the year in anticipation of strong demand from a fast-recovering pig herd. At the Indore spot market in top producer MP, soybean gained 57 Rupees to 5458 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 5065-5585.
–Soyabean prices dropped as Soyabean output may rise 14% to 11.9 mn tn this year
–SOPA said that the total area under soybean for the year 2021 is 119.984 lakh hectares.
–China Sept soybean imports fall 30% y/y on slowing demand
–At the Indore spot market in top producer MP, soybean gained 57 Rupees to 5458 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Comodity Online
