Commodity Trading Tips for Soyabean by KediaCommodity

SoyabeanSoyabean settled up 0.29% at 3420 as strong demand underpinned the market. Domestic markets lack demand but prices may get some support if there is no rain in the coming days. The prices may see some revival due to dry weather which is not considered good for the standing crop. Currently, standing soybean crop in India needs rains and weather is dry in growing areas. Arrivals of soyabean in Maharashtra state gained by 2000 bags of 100kg each to 9000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -7000 bags of 100kg each to 8000 bags of 100kg each. The prices may see some revival due to dry weather which is not considered good for the standing crop. Currently, standing soybean crop in India needs rains and weather is dry in growing areas. Soybean sowing in India was at 10.77 million hectare in the week to Aug 15, compared to 12.10 million hectare a year ago, data released by the government showed. Around 42% of the country received deficient rains with deficiency hovering at 15% in central India until Aug 20. India soybean oil imports surged to record in the month of July on robust demand, data release from the Solvent Extractors Association (SEA) of India showed. At the Indore spot market in top producer MP, soybean dropped -8 rupee to 3838 rupee per 100 kgs. Technically market is under short covering as market has witnessed drop in open interest by -4.74% to settled at 67750 while prices up 10 rupee, now Soyabean is getting support at 3383 and below same could see a test of 3345 level, And resistance is now likely to be seen at 3473, a move above could see prices testing 3525.

Trading Ideas:

Soyabean trading range for the day is 3345-3525.

Soyabean prices ended with gains as strong demand underpinned the market.

India soybean sowing down by 9% to 10.9 million hectare till date: SOPA

The prices may see some revival due to dry weather which is not considered good for the standing crop.

At the Indore spot market in top producer MP, soybean dropped -8 rupee to 3838 rupee per 100 kgs.