Commodity Trading Tips for Soyabean by Kedia Commodity
Commodity Trading Tips for Soyabean by Kedia Commodity

Soyabean on NCDEX settled up by 1.47% at 2961 on account of lower arrivals in the mandis due to hoarding by farmers and demand hopes also supporting prices. Though, the soybean market is struggling under the pressure of a global supply glut. Soybean arrivals in local mandis during March fell by 23% compared to previous month as farmers were reluctant to sell crops at lower prices, said the Soybean Processors Association of India. Arrivals during March fell to 500,000 tons as compared to 650,000 tons in February. Soybean crushing has also dropped to 650,000 tons as compared to 700,000 tons in the same period a month ago, SOPA said in its Estimated Supply & Demand of Soybean and Soybean Meal till March press release. The United States department of agriculture (USDA) maintained 2016-17 United States soybean production forecast for April while hiked forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report. The USDA expects soybean output in US, the world's biggest bean grower, at 117.2 million tons in April unchanged from the previous month while higher than 106.9 million tons a year ago. USDA hiked 2016-17 US soybean ending stockpiles to 445 million bushels in April as compared to 435 million bushels in March while higher than 197 million bushels estimated in the same period a year ago. At the Indore spot market in top producer MP, soybean gained 8 Rupees to 3059 Rupees per 100 kgs.Technically now Soyabean is getting support at 2931 and below same could see a test of 2900 level, And resistance is now likely to be seen at 2979, a move above could see prices testing 2996.

Trading Ideas:

Soyabean trading range for the day is 2900-2996.

Soyabean gained on account of lower arrivals in the mandis due to hoarding by farmers and demand hopes also supporting prices.

The USDA maintained 2016-17 United States soybean production forecast for April while hiked forecast for ending stockpiles

NCDEX accredited warehouses soyabean stocks dropped by 1759 tonnes to 183059 tonnes.

At the Indore spot market in top producer MP, soybean gained 8 Rupees to 3059 Rupees per 100 kgs.




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