Technically NCDEX Soyabean is getting support at 3362 and below same could see a test of 3348 level, And resistance is now likely to be seen at 3397, a move above could see prices testing 3418.
Soyabean on NCDEX settled down by 0.12% at 3376 on late profit booking after prices gained on lower arrivals and reports of improving meal exports in November-December. Prices also seen supported as crushers buying in physical market on hopes of increase in demand for soymeal exports. India's October-November soymeal exports fell 20% nearly to 328,000 tons.
As per SOPA press release, India’s soymeal exports down 20% on year to around 3.28 lakh tn during last two months while arrivals have been at higher side at 41 lakh tonnes, up 14% compared to last year.
The USDA in its December report projected higher 2018-19 soybean output in Brazil as compared to its November estimates while maintaining the estimates for the US and Argentina. The total global soybean output was pegged at 369.20 million tons, up from its November estimates of 367.50 million tons.
Soybean output for Brazil has been raised to a record 122 million tons from November estimates of 120.5 million tons on higher yield, benefiting from favorable weather and improved technology.
USDA kept US output unchanged at 125.18 million ton, 55.50 million tons for Argentina, 16 million tons for China and 11 million tons for India.
Soybean arrivals during October-November jumped to 4.1 million tons from 3.6 million tons a year ago, according to Soybean Processors Association of India (SOPA). At the Indore spot market in top producer MP, soybean gained 12 Rupees to 3430 Rupees per 100 kgs.
--Soyabean trading range for the day is 3348-3418.
--Soyabean dropped on late profit booking after prices gained on lower arrivals and reports of improving meal exports in November-December.
--India's October-November soymeal exports fell 20% nearly to 328,000 tons.
--NCDEX accredited warehouses soyabean stocks gained by 888 tonnes to 127690 tonnes.
--At the Indore spot market in top producer MP, soybean gained 12 Rupees to 3430 Rupees per 100 kgs.
Courtesy: Kedia Commodities