NCDEX Soyabean likely to move in a range of 3725-3837
Commodity Online | April 11 2019
UPDATED 10:30:49 IST

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Technically Soyabean market is under fresh selling as market has witnessed gain in open interest by 5.43% to settled at 160930 while prices down 9 rupees.

Now NCDEX Soyabean is getting support at 3751 and below same could see a test of 3725 level, And resistance is now likely to be seen at 3807, a move above could see prices testing 3837. 

Soyabean on NCDEX settled down by 0.24% at 3776 triggered by subdued demand at the domestic spot market and higher output projection. India's 2018-19 soybean output is projected 24.7% higher at 13.69 million tons as per second advance estimates released by agriculture ministry.

As per market sources, supplies are comparatively slow as stockiest and farmers are not willing to release their crops at the current market prices. Retailers and millers are not buying regularly as a result prices are not sustaining at higher level.

As per the Second Advance Estimates for 2018-19 crops released by Ministry of Agriculture, Soybean production is estimated higher by 20 per cent at 136.89 lakh tonnes as compared to 113.90 lakh tonnes produced during 2017-18.

As per SOPA, Soybean production of India may rise by 38 per cent to 11.48 million tonnes this year against 8.36 million tonnes in last year record as supported by higher yield, favourable weather condition in the major soybean crop growing states like Madhya Pradesh, Maharashtra and Rajasthan.

According to recent WASDE report, Soybean meal production of India is estimated at 7.20 million metric tonnes for 2018-19 higher from previous year record of 6.16 million metric tonnes. Ending stocks is placed at 0.23 million metric tonnes for this year higher from 0.11 million metric tonnes of previous year record.  At the Indore spot market in top producer MP, soybean dropped  20 Rupees to 3893 Rupees per 100 kgs.

Trading Ideas:
--Soyabean trading range for the day is 3725-3837.
--Soyabean prices ended with losses triggered by subdued demand at the domestic spot market and higher output projection.
--India's 2018-19 soybean output is projected 24.7% higher at 13.69 million tons as per second advance estimates released by agriculture ministry.
--As per the Second Advance Estimates for 2018-19 crops, Soybean production is estimated higher by 20 per cent at 136.89 lakh tonnes.
--At the Indore spot market in top producer MP, soybean dropped  -20 Rupees to 3893 Rupees per 100 kgs.

Courtesy: Kedia Commodities

               

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