Soyabean yesterday we have seen that market has moved 1.25% due to fresh demand by the stockiest as well as crushers. In the domestic markets crushing margin has dropped below 200/ton which is not profitable for crushers. Supplies of bean are very limited as peak arrival season has come to an end. China has placed fresh exports orders of around 13.4 million tons during last weekend which is supportive for prices. Major reason for Chinese imports is attributed to their plan of increasing the crushing capacity in china and refilling of the reserves. USDA noted the sale of 175,000 tonnes of new-crop beans to China. Most are expected to be new crop, and this just puts on the books some sales that would happen whether or not there had been an announcement. South American weather maps showed overnight rains in portions of southern Brazil. There are more chances over the next few days. One of the firm in Brazil estimates that the harvest is 19% complete. At the Indore spot market in top producer MP, soybean dropped -12 Rs to 2575Re per 100 kgs. Market has opened at 2599.5 & made a low of 2581 versus the day high of 2629. The total volume for the day was at 119760 lots and the open interest was at 168290.Support for soyabean is at 2594 below that could see a test of 2564. Resistance is now seen at 2642 above that could see a resistance of 2660.
Soybean trading range for the day is 2564-2660.
Soybean gained due to fresh demand by the stockiest as well as crushers
Supplies of soybean are very limited as peak arrival season has come to an end
NCDEX accredited warehouses soyabean stocks gained by 240 tonnes to 46159 tonnes.
At the Indore spot market in top producer MP, soybean dropped -12 Rs to 2575Re 100 kgs.
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