Technically now Soyabean is getting support at 3114 and below same could see a test of 3093 level, And resistance is now likely to be seen at 3153, a move above could see prices testing 3171.
Soyabean on NCDEX settled up by 0.48% at 3134 followed by lower output from the major producing belts. Meanwhile, Soybean prices dropped in overseas markets after USDA increased its crop estimates from last month.
The United States department of agriculture (USDA) hiked 2017-18 United States soybean production estimates while maintained forecast for ending stockpiles for September, the department said in its World Agriculture Supply and Demand Estimates report.
The USDA expects soybean output in US, the world's biggest bean grower, at 120.59 million tons in September compared to 119.23 in previous month. During September 2016-17 USDA estimated output at 117.21 million tons.
However, USDA maintained 2017-18 US soybean ending stockpiles to 12.93 million tons in September as compared to 12.94 million tons in August while higher than 9.40 million tons estimated in the same period a year ago.
India's soymeal output during August jumped by 20% compared to same period a month ago on higher crushing, said the Soybean Processors Association (SOPA) of India in its press release.
Soybean crushing jumped to 600,000 tons compared to 500,000 tons in previous month, SOPA said in its Estimated Supply & Demand of Soybean and Soybean Meal till August press release.
In the weekly USDA crop progress report; Soybeans dropping leaves are reported at 22% which is less than 24% during the corresponding period last year and down from the 5 year average of 25%. At the Indore spot market in top producer MP, soybean gained 14 Rupees to 3075 Rupees per 100 kgs.
--Soyabean trading range for the day is 3093-3171.
--Soyabean ended with gains followed by lower output from the major producing belts.
--USDA hiked 2017-18 United States soybean production estimates while maintained forecast for ending stockpiles for September.
--NCDEX accredited warehouses soyabean stocks dropped by 281 tonnes to 91 tonnes.
--At the Indore spot market in top producer MP, soybean gained 14 Rupees to 3075 Rupees per 100 kgs.
Courtesy: Kedia Commodities