Soyabean yesterday we have seen that market has moved 1.01% on weak rupee and tight supplies in local and overseas markets. The U. S. Department of Agriculture (USDA) cut soybean yields forecast by nearly 8 percent to 40.5 bushels per acre, the second lowest since 2003, due to the drought. Madhya Pradesh and Maharashtra got good rainfall last week. Soybean sowing is progressing well. Total area is likely to be higher than last year. Madhya Pradesh and Maharashtra are the top two soybean producing states and account for more-than 85 percent of total production. India's soybean acreage is likely to rise by 7 percent in 2012/13 as record high prices for the oilseed prompt farmers to plant more. India's soymeal exports rose to 180,987 tonnes in June, from 117,600 tonnes during the same period a year ago, the Solvent Extractors' Association of India said in a statement. According to the State Agriculture Department, up to July 6, 13.58 lakh hectares were sown against 23 lakh hectares up to the same period last year, primary reason for the rise in prices this year. At the Indore spot market in top producer MP, soybean gained 2 Rs to 4267Re per 100 kgs. Market has opened at 4327 & made a low of 4278.5 versus the day high of 4428.5. The total volume for the day was at 262480 lots and the open interest was at 101410. Support for soyabean is at 4303 below that could see a test of 4216. Resistance is now seen at 4453 above that could see a resistance of 4516.
Soybean trading range for the day is 4216-4516.
Soyabean ended with good gains on weak rupee and tight supplies in local and overseas markets.
USDA cut soybean yields forecast by nearly 8 percent to 40.5 bushels per acre
NCDEX accredited warehouses soyabean stocks dropped by 4314 tonnes to 4704 tonnes.
At the Indore spot market in top producer MP, soybean gained 2 Rs to 4267Re 100 kgs.