Soyabean yesterday we have seen that market has moved -0.67% on fresh selling by the traders due to poor domestic demand. India's soy meal exports, in March 2012 increased by 12.16 per cent to 4,60,464 tonnes from 4,10,537 tonnes during the same period last year. Global oilseed production for 2011/12 is projected at 440.6 million tons, down 5.2 million from last month. Brazil soybean production is forecast at 66 million tons, down 2.5 million from last month as warm temperatures. As per the latest release from Ministry of Commerce, China's soybean imports in April will likely reach 5.6 million metric tonnes, up 16% compared to a month earlier and almost 44% higher on year. Lower soybean exports are forecast for Argentina, Brazil, Paraguay, and Uruguay. Soybean imports are reduced for several countries including Vietnam, Iran, and Mexico. Global soybean ending stocks are projected at 55.5 million tonnes, down 1.8 million from last month, and down 13.6 million tonnes from last year. At the Indore spot market in top producer MP, soybean gained 73 Rs to 3212Re per 100 kgs. Market has opened at 3194.5 & made a low of 3157 versus the day high of 3299. The total volume for the day was at 41110 lots and the open interest was at 41820. Support for soyabean is at 3126 below that could see a test of 3071. Resistance is now seen at 3268 above that could see a resistance of 3355.
Soybean trading range for the day is 3071-3355.
Soybean fell on fresh selling by the traders due to poor domestic demand
India's soy meal exports, in March 2012 increased by 12.16 per cent to 4,60,464 tonnes from 4,10,537 tonnes
NCDEX accredited warehouses soyabean stocks gained by 671 tonnes to 70691 tonnes.
At the Indore spot market in top producer MP, soybean gained 73 Rs to 3212Re 100 kgs.