Commodity Trading Tips for Soyabean by KediaCommodity

Ajay Kumar Kedia 27 August 2014

Soyabean settled down -0.8% at 3339 as ongoing expectations for a record U.S. harvest weighed. The prices will remain under pressure as there has been some good sowing progress. The international markets closed on a bearish note with record crop outlook on good weather forecasts. As per IMD the deficiency rainfall deficiency remained at 18% from south west monsoon. Investors piled on to bearish bets after the U.S. Department of Agriculture estimated this fall's U.S. harvest would reach an all-time high of 3.82 billion bushels on August 12. Soybean oilmeal exports dropped to 6,635 tons in July compared to 107,038 tons for the corresponding period a year earlier, data release from the Solvent Extractors Association of India (SEA) showed. US Soybean sowing for the August is forecasted at a record 3.82 billion bushels, data by United States Department of Agriculture showed. Meanwhile, data from the US Department of Agriculture showed lower US bean crop condition and higher soybean export inspection. US soybeans were in 70% good or excellent condition compared to 71% seven days earlier, the USDA said. However, the rating was higher from 58% a year ago. US soybean export inspection came at 145,161 tons for the week ended Aug 21 compared to 56,909 tons a week earlier, the USDA said. At the Indore spot market in top producer MP, soybean dropped -22 rupee to 3749 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 0.53% to settled at 65910 while prices down -27 rupee, now Soyabean is getting support at 3310 and below same could see a test of 3281 level, And resistance is now likely to be seen at 3364, a move above could see prices testing 3389.