Soyabean yesterday we have seen that market has moved 3.21% on the back of lower acreage due to delayed monsoon in the producing regions and on firm spot demand. Shortage of supply both in domestic as well as international markets also supported the prices. The rains have been 31 per cent below average (till end-June) since the beginning of the season, delaying sowing of summer-sown crops. Rains got delayed in soybean states like Madhya Pradesh (MP) and Maharashtra. Delaying rain distribution, declining arrivals and higher demand for soya meal and soya oil are adding support to the soybean prices. US Soybean planted area for 2012 is estimated at 76.1 million acres, up 1 percent from last year and is the third highest on record. Area for harvest, at 75.3 million acres, is up 2 percent from 2011. However, according to the agriculture meteorologist, Cooler weather is expected next week in the U. S. Midwest corn and soybean growing region but the moderate temperatures, accompanied by some rainfall in the south, will arrive too late to save some of the already damaged crops. At the Indore spot market in top producer MP, soybean gained 97 Rs to 4211Re per 100 kgs. Market has opened at 4224 & made a low of 4224 versus the day high of 4345. The total volume for the day was at 178360 lots and the open interest was at 90410. Support for soyabean is at 4253 below that could see a test of 4178. Resistance is now seen at 4374 above that could see a resistance of 4420.
Soybean trading range for the day is 4178-4420.
Soybean gained on the back of lower acreage due to delayed monsoon in the producing regions and on firm spot demand.
Shortage of supply both in domestic as well as international markets also supported the prices.
NCDEX accredited warehouses soyabean stocks gained by 271 tonnes to 9803 tonnes.
At the Indore spot market in top producer MP, soybean gained 97 Rs to 4211Re 100 kgs.