Commodity Trading Tips for Soyabean by Kedia Commodity

SoyabeanSoyabean yesterday we have seen that market has moved 0.83% tracking global cues and on firm demand in the spot markets. As per USDA's weekly export sales report which was released on April 06, 2012, shows that the weekly export sales for soybeans came at 406,900 metric tonnes for the current marketing year and at 706,000 for the next marketing year. Globally sentiments are bullish. Last week's USDA report has been pointing towards tight supplies and strong demand in 2012. Data from the U. S. Department of Agriculture (USDA) released on Thursday showed weekly U. S. soybean export sales topped 1 million tonnes. The commodity markets regulator will not be launching the September soybean contract because of the lean supply season. Argentina's 2011-12 soybean crop will likely total 44 million metric tons, the agriculture ministry said in its monthly crop report. Last month, the government had forecast production of 43.5 million to 45 million tons. Early drought hit yields hard, but steady showers since late January have stemmed the damage. At the Indore spot market in top producer MP, soybean gained
65 Rs to 3139Re per 100 kgs. Market has opened at 3158 & made a low of 3146 versus the day high of 3190. The total volume for the day was at 66140 lots and the open interest was at 57480. Support for soyabean is at 3148 below that could see a test of 3125. Resistance is now seen at 3192 above that could see a resistance of 3213.

Trading Ideas:

Soybean trading range for the day is 3125-3213.

Soybean gained tracking global cues and on firm demand in the spot markets

Last week's USDA report has been pointing towards tight supplies and strong demand in 2012

NCDEX accredited warehouses soyabean stocks gained by 329 tonnes to 69103 tonnes.

At the Indore spot market in top producer MP, soybean gained 65 Rs to 3139Re 100 kgs.

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