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“Support for the commodity is seen at 2980 while resistance at 3070 level. Buy around 3020 with stop loss of 2980 for the target of 3070,” said Milan Shah, Research Analyst with Commodity Online.

14 Aug 2013

MUMBAI (Commodity Online): Trend in the futures of soybean on India's NCDEX is looking positive for the intra-day and further upside is expected in the near term as well. A bounce back is in the offing, according to analysts.

Investors are advised to buy on dips.

“Support for the commodity is seen at 2980 while resistance at 3070 level. Buy around 3020 with stop loss of 2980 for the target of 3070,” said Milan Shah, Research Analyst with Commodity Online.

NCDEX soyabean futures for delivery in August was seen trading at 3008 a quintal, a loss of 1.78%.

As per the latest release from the United States Department of Agriculture (USDA ), the total global production of soybean in 2013-14 is projected lower at 281.72 million tonnes in August month, down 4.17 million tonnes from last month estimates.

Lower soybean production projected for the United States is partly offset by an increase for India where higher harvested area more than offsets reduced yields caused by excessive July rainfall.

The latest report estimated the India's soyabean production at 12.30 million tonnes , up 0.30 million tonnes form the last update.

Meanwhile, rains in the soybean producing belt of India in Madhya Pradesh, Maharashtra and Rajasthan has caused some worry. Potential crop damage due to water logging as well as low sunshine is fueling the concerns in this regard.

(Story image courtesy of TeddyBear[Picnic]/ www.FreeDigitalPhotos.net)


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