Technically Soyabean market is under fresh buying as market has witnessed gain in open interest by 0.95% to settled at 72295 while prices up 86 rupees.
Now NCDEX Soyabean is getting support at 6345 and below same could see a test of 6231 levels, and resistance is now likely to be seen at 6548, a move above could see prices testing 6637.
Soyabean yesterday settled up by 1.35% at 6460 after the U.S. Department of Agriculture (USDA) trimmed its global supply outlook despite market expectations for an increase.
In a monthly report, the USDA projected 2021/22 marketing year U.S. ending stocks at 340 million bushels, unchanged from a month earlier but below the average trade forecast for 352 million.
Global ending stocks were seen at 102 million tonnes, below the average trade estimate for 104.13 million. Private exporters reported sales of 130,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.
China’s Ag Min lowered 21/22 soybean production to 16.4MMT down from November forecast at 18.65MMT, & 16.3% lower than yr earlier crop of 19.6MMT.
Brazil’s CONAB projected the country’s 2021/22 soybean crop at 142.789 million tonnes, up from the prior estimate for 142.009 million and 137.321 million tonnes in the 2020/21 season.
In a weekly report, the USDA said net U.S. soybean exports in the week ended Dec. 2 rose to a five-week high of 1,637,888 tonnes, near the high end of a range of analyst estimates.
China, Egypt and Spain were top buyers. The USDA also reported 280,000 tonnes in U.S. soybean export sales to undisclosed buyers via its daily reporting system. Shipment was for the current and next marketing years. At the Indore spot market in top producer MP, soybean dropped -68 Rupees to 6497 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 6231-6637.
–Soyabean gains after the U.S. Department of Agriculture (USDA) trimmed its global supply outlook despite market expectations for an increase.
–In a monthly report, the USDA projected 2021/22 marketing year U.S. ending stocks at 340 million bushels, unchanged from a month earlier.
–Private exporters reported sales of 130,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year.
–At the Indore spot market in top producer MP, soybean dropped -68 Rupees to 6497 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Comodity Online
