Soyabean yesterday we have seen that market has moved -0.29% as improved area under cultivation, prospects of favorable monsoon in the growing area and on reports of duty cut on oil meal imports weighed on prices. The only factor that is supporting the upside in the prices is the international markets which have again bounced back after witnessing correction in the last week. In the domestic markets, as on 27 th July Oilseeds have been sown in 138.33 lakh hectares so far, compared with 139.87 lakh hectares same period last year. Soybean area is higher by 7.63% at 101.53 lakh hectares. In 2011-12 season, soybean was sown under 102.9 lakh hectares area and recorded 12.28 million tonne output, down from 12.73 mn tn in 2010-11 season. As per the latest release from Trade Ministry, the total Brazil's soyabean exports reached 4.13 million tonnes in July against 4.84 million tonnes in June, 2012. In the current kharif season, soyabean acreage in the country is expected to rise by 2 lakh hectares to 10.5 million hectares, according to data compiled by SOPA. During 2011 kharif season, the country had sown oilseed in 10.3 million hectares. At the Indore spot market in top producer MP, soybean dropped -10 Rs to 4457Re per 100 kgs. Market has opened at 3825 & made a low of 3800 versus the day high of 3887. The total volume for the day was at 84590 lots and the open interest was at 84970.Support for soyabean is at 3798 below that could see a test of 3755. Resistance is now seen at 3885 above that could see a resistance of 3929.
Soybean trading range for the day is 3755-3929.
Soyabean dropped as improved area under cultivation, prospects of favorable monsoon in growing area weighed
In 2011-12 season, soybean was sown under 102.9 lakh hectares area and recorded 12.28 million tonne output
NCDEX accredited warehouses soyabean stocks dropped by 78 tonnes to 4067 tonnes.
At the Indore spot market in top producer MP, soybean dropped -10 Rs to 4457Re 100 kgs.