Soyabean yesterday we have seen that market has moved 1.57% following gains in the world market on concerns over the crop in the United States and delayed sowing in India due to weak rainfall in the key growing region. U.S. Department of Agriculture (USDA), in its weekly report, said 45 percent of the soybean crop in the U.S. is in good-to-excellent condition, compared with 53 percent a week ago. Madhya Pradesh and Maharashtra are the top two soybean producers in the country accounting for more than 85 percent of the total production. Both states have so far received sharply lower rainfall than average. Soybean products saw support after it was reported that U.S. exporters sold 35,000 tonnes of soybean oil to China for 2011/12 marketing year. While the moisture and cooler temperatures will be welcomed, the rainfall is not expected to improve soil moisture conditions for the driest areas of the Soybean Belt. Soybeans saw further support after Crop Condition reports showed sharply lower decreases in condition ratings. Traders are also anticipating strong demand for U.S. soybeans and soybean products, from international buyers after a poor production year in South America. At the Indore spot market in top producer MP, soybean gained 41 Rs to 3998Re per 100 kgs. Market has opened at 4060 & made a low of 4035 versus the day high of 4092. The total volume for the day was at 140750 lots and the open interest was at 94420.Support for soyabean is at 4049 below that could see a test of 4014. Resistance is now seen at 4106 above that could see a resistance of 4128.
Soybean trading range for the day is 4014-4128.
Soyabean gained following gains in the world market on concerns over the crop in US and delayed sowing in India
USDA said 45% of the soybean crop in the U.S. is in good-to-excellent condition, compared with 53% a week ago.
NCDEX accredited warehouses soyabean stocks dropped by 394 tonnes to 11140 tonnes.
At the Indore spot market in top producer MP, soybean gained 41 Rs to 3998Re 100 kgs.
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