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| You are here : Home >> Technical Analysis >> Report | |
| Soybean targets 2586, 2563, 2530 | |
| 24 July 2008 16:51:42 | |
| Soybean futures in NCDEX closed in the red on panic selling due to parliamentary panel’s suggestion of curbs on futures trading in agriculture commodities and profit booking at higher levels. Prices are expected to fall due to sluggish demand in the market. Moreover, CBOT foreign exchange projections for soya bean seed prices are also down. Arrivals were reported at 2,000 quintals in mandi yesterday. The export of soybean meal from India to china in the period of Jan 1 – June 30, rose 283.7% to 76,781 tones and in the month of June alone 914 tonnes. CBOT soybean futures tumbled amid ideal weather conditions in the US and the end of strikes in Argentina. According to reports, the world production figures have been reduced to 237.80 MMT as against 240 MMT in June. For US these figures have been reduced to 81.65 MMT as against 84.50 MMT in June report. In the spot market Soy bean was quoted at Rs 2660, down by Rs 32 in Indore, Madhya Pradesh. Influencing Factors: Soy Bean Heavy arrivals in the spot market Panic selling on due to parliamentary panel suggested curbs on futures trading in agriculture commodities Profit booking in higher levels. Sluggish domestic demand in soy bean seed and meal. Lower Price movements in CBOT & DCE soy complex Falling crude oil price Demand for an soybean meal from china The country is likely to see a record over 10 million hectares under soybean cultivation in the current sowing season, higher than last year's 8.85 million hectares U.S. 2008/09 soybean crop is forecast at 81.90 million tonnes, down 2.5 million tonnes from a previous estimate after heavy rain in the U.S. Midwest The government has banned export of edible oil for one year to check rising domestic prices and control inflation. The ban will be in place till March 16, 2009. Technical Outlook Technically Soy Bean Aug closed below 9 day EMA and 21 day EMA. Today’s Recommendation NCDEX Soy Bean Aug sell below 2607 SL above 2635 Targets 2586,2563,2530 |
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