NCDEX Soyabean under long liquidation; Support seen at 3760
Commodity Online | July 24 2020
UPDATED 11:00:28 IST

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Technically Soyabean market is under long liquidation as market has witnessed drop in open interest by 3.66% to settled at 35315 while prices remain unchanged 0 rupees.

Now NCDEX Soyabean is getting support at 3760 and below same could see a test of 3748 levels, and resistance is now likely to be seen at 3782, a move above could see prices testing 3792.

Soyabean yesterday settled remain unchangeby 0% at 3772 tracking weakness in overseas prices as mounting diplomatic tensions between Beijing and Washington stoked fears over China's demand for U.S. supplies. China, by far the world's biggest soybean importer, has stepped up purchases of U.S. farm products in recent weeks.

Private exporters reported the sale of 453,000 tonnes of soybeans to China and 211,300 tonnes to unknown destinations, the U.S. Department of Agriculture (USDA) said.

Additionally, there were export sales of 262,000 tonnes to China received in the reporting period, USDA said. The U.S. Department of Agriculture raised its good-to-excellent rating for the nation's soybean crop, surprising expectation for a decline in the condition from a week ago.

The agency, in a weekly report, said 69% of soybeans were in good-to-excellent condition, up one percentage point from a week earlier. China booked deals to buy about two cargoes worth of U.S. soybeans, the U.S. Agriculture Department said, extending a flurry of sales to the world's top importer of farm commodities.

Private exporters reported to the USDA that China bought 132,000 tonnes of soybeans for delivery in the 2020/21 marketing year that begins on Sept. 1.

Trading Ideas:
--Soyabean trading range for the day is 3748-3792.
--Soyabean settled flat tracking weakness in overseas prices as mounting diplomatic tensions between US-China stoked fears over China's demand for U.S. supplies.
--The U.S. Department of Agriculture raised its good-to-excellent rating for the nation's soybean crop, surprising expectation for a decline.
--China booked deals to buy about two cargoes worth of U.S. soybeans, the U.S. Agriculture Department said, extending a flurry of sales
--At the Indore spot market in top producer MP, soybean dropped 3 Rupees to 3771 Rupees per 100 kgs.

Courtesy: Kedia Commodities