Commodity Trading Tips for Soyabean by KediaCommodity

SoyabeanSoyabean yesterday we have seen that market has moved 1.69% on thin supplies and a rise in the U.S. market. China's soybean imports are likely to total 5.7 million metric tons in May, up from an estimated 4.7 million tons in April, the state-backed China National Grain and Oils Information Center said. Soy meal exports were up marginally by 2.8% compared to Apr 2011, mustard meal and Castor Seed meal witnessed a sharp fall on account of lower availability for exports amidst crushing disparity. As per US Crop weekly progress report, soybean plantation was 24% as compared to 22% forecast. Lower global ending stocks as lower production estimates of South America coupled with strong demand of soybean from China. As per latest weekly report from United States Department of Agriculture, producers had planted 24 percent of the soybean crop by May 6, eighteen percentage points ahead of last year and 13 points ahead of the 5-year average. In Iowa, persistent rainfall limited fieldwork to approximately 2 days, allowing producers to plant just 4 percent of their crop during the week. By week's end, 7 percent of the nation's crop was emerged, 5 percentage points ahead of last year and 4 points ahead of the 5-year average. At the Indore spot market in top producer MP, soybean dropped -20 Rs to 3565Re per 100 kgs. Market has opened at 3480 & made a low of 3449 versus the day high of 3565. The total volume for the day was at 62910 lots and the open interest was at 28710.Support for soyabean is at 3482 below that could see a test of 3407. Resistance is now seen at 3598 above that could see a resistance of 3639.

Trading Ideas:

Soybean trading range for the day is 3407-3639.

Soybean ended with gains due to buyiny support on thin supplies and a rise in the U.S. market.

China's soybean imports are likely to total 5.7 million metric tons in May, up from an estimated 4.7 million tons in April

NCDEX accredited warehouses chana stocks gained by 1922 tonnes to 65369 tonnes.

At the Indore spot market in top producer MP, soybean dropped -20 Rs to 3565Re 100 kgs.