Technically NCDEX Soyabean is under short covering as market has witnessed drop in open interest by -0.52% to settled at 89960.
Now Soyabean is getting support at 2775 and below same could see a test of 2750 level, And resistance is now likely to be seen at 2821, a move above could see prices testing 2842.
Soyabean ended with gains tracking firmness in spot demand despite of forecast of rains in soybean growing area of Maharashtra and Madhya Pradesh in coming week.
Prices also seen supported on expectation that the Minimum Support Prices (MSP) for soybean may increase by Rs 175 per quintal to Rs 2,950 and lower supplies in the physical market.
Soybean traders in Madhya Pradesh, the biggest bean growing state, called off their over a fortnight-long strike after promises from Chief Minister Shivraj Chouhan of not filing criminal cases traders buying farm products below Minimum Support Price or MSP.
Earlier, traders had announced indefinite strike after Madhya Pradesh Chief Minister Chouhan's announced plans to file criminal cases against traders not paying MSP to farmers.
The USDA rated soybean crop as 66 percent good-to-excellent, compared with forecasts for 69 percent. U.S. corn was at 67 percent good-to-excellent, matching forecasts.
The National Oilseed Processors Association's May soybean crush was forecast to fall 6 percent below the 2016 level, with U.S. processors slowing their pace amid abundant South American supplies.
US soybean planting is 92% complete as which is up from 91% in the corresponding period last year and also up from 5 year average of 87%. Soybean emergence is reported at 77% which is at par with the corresponding period last year and also up from 5 year average of 73%.
--Soyabean trading range for the day is 2750-2842.
--Soyabean gains tracking firmness in spot demand despite of forecast of rains in soybean growing area in coming week.
--Soybean traders in Madhya Pradesh, the biggest bean growing state, called off their over a fortnight-long strike.
--NCDEX accredited warehouses soyabean stocks dropped by 918 tonnes to 84638 tonnes.
--At the Indore spot market in top producer MP, soybean gained 2 Rupees to 2931 Rupees per 100 kgs.
Courtesy: Kedia Commodities