Commodity Trading Tips for Soyabean by KediaCommodity

Ajay Kumar Kedia 1 August 2014

Soyabean settled up 0.14% at 3639 on improved demand from crushers in mandis across M.P & Maharashtra. Good soybean sowing progress was witnessed during last few days with monsoon reviving across the producing areas. The mandis also traded steady on lackluster demand amid limted supplies. The international markets continued the weakness on surplus production in US and wet weather forecasts for rest of the week. As per the latest date released by the Ministry of Agriculture, the oilseed sowing is around 38.07 lakh hectares compared to 149.82 lakh hectares. Arrivals of soyabean in Madhya Pradesh state gained by 15000 bags of 100kg each to 35000 bags of 100kg each. Arrivals of soyabean in Maharashtra state gained by 3000 bags of 100kg each to 15000 bags of 100kg each. Soybean planting until Jul 24 was 7.77 million hectare compared to 1.95 million hectare a week ago, a government data showed. With revival of monsoon over Madhya Pradesh, Maharashtra and other states, soybean sowing has commenced in full swing. US soybean crop ratings of good to excellent condition stood at 73% for the week ended Jul 27 against 72% in the preceding week, data by United States Department of Agriculture showed. Prices upside also seen limited on better than expected sowing in United States, world's biggest bean producing country. At the Indore spot market in top producer MP, soybean dropped -103 rupee to 4086 rupee per 100 kgs. Technically market is under short covering as market has witnessed drop in open interest by -6.14% to settled at 67690 while prices up 5 rupee, now Soyabean is getting support at 3612 and below same could see a test of 3585 level, And resistance is now likely to be seen at 3668, a move above could see prices testing 3697.