Technically Soyabean market is under fresh selling as market has witnessed gain in open interest by 0.9% to settled at 193110.
Now NCDEX Soyabean is getting support at 2877 and below same could see a test of 2866 level, And resistance is now likely to be seen at 2903, a move above could see prices testing 2918.
Soyabean prices settled flat as supplies have been steady due to lower prevailing prices and good demand. Soybean exports during Oct-Feb were estimated at 112,000 tonnes, compared with 80,186 tonnes in the year-ago period, as per SOPA press release.
Soybean crushing has also dropped to 750,000 tons in February as compared to 900,000 tons in the same period a month ago. Arrivals during February fell to 650,000 tons as compared to 900,000 tons in January.
According to the General Administration of Customs of China, Chinese February soybean imports surged by 23% year-on-year to 5.54 million tonnes it is the highest volume since the year 2010. However, the imports are 28% lower from 7.66 million tonnes in January this year.
China’s cumulative soybean imports for January and February 2017 stood at 13.19 million tonnes, up 30% (10.17 million tonnes) from the corresponding period last year.
Higher global soybean supply outlook with a record crop expected in Brazil and reports of higher U.S. soybean acreage may keep prices under pressure.
According to a survey of growers .U.S. farmers will expand their plantings of soybeans by 6.5 % to 88.8 million hectares in 2017 while scaling back on corn and wheat. US soybean crushers crushed higher than the market expectations in January, third highest January crush on record, said National Oilseed Processors Association.
--Soyabean trading range for the day is 2866-2918.
--Soyabean prices settled flat as supplies have been steady due to lower prevailing prices and good demand.
--Soybean exports during Oct-Feb were estimated at 112,000 tonnes, compared with 80,186 tonnes in the year-ago period, as per SOPA report.
--NCDEX accredited warehouses Soyabean stocks dropped by 2679 tonnes to 206691 tonnes.
--At the Indore spot market in top producer MP, soybean remains unchanged at 0 Rupees to 3012 Rupees per 100 kgs.
Courtesy: Kedia Commodities