Soyabean yesterday we have seen that market has moved 0.72% on some buying at lower levels due to strong soyameal export demand along with strong nodes from international market.
As per the latest release from Solvent Extractors' Association of India, India's soyameal exports during April - January 2011-12 reported at 3.02 million tonnes against 2.88 million tonnes in the same period last time.
This was mainly due to sharp depreciation of Indian rupee against dollar along with strong soyabean kharif production in the current year. Moreover, USDA will release its supply/demand updates on Thursday.
Ahead of the reports, traders are expecting that USDA will trim its forecast for 2011/12 ending stocks from the January projection of 275 million tonnes.
The expectation is that smaller crops in South America will encourage export demand to pick up from the lethargic pace of the past several months.
At the Indore spot market in top producer MP, soybean gained 12 Rs to 2515Re per 100 kgs.
Market has opened at 2498 & made a low of 2478 versus the day high of 2527. The total volume for the day was at 73820 lots and the open interest was at 153560.
Support for soyabean is at 2486 below that could see a test of 2458. Resistance is now seen at 2535 above that could see a resistance of 2556.
Trading Ideas:
Soybean trading range for the day is 2458-2556.
Soyabean ended with gains on some buying at lower levels due to strong soyameal export demand
India's soyameal exports during April - January 2011-12 reported at 3.02 million tonnes
NCDEX accredited warehouses soyabean stocks dropped by 570 tonnes to 37125 tonnes.
At the Indore spot market in top producer MP, soybean gained 12 Rs to 2515Re 100 kgs.
Courtesy: Kedia Commodities
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