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Technically NCDEX Soyabean is under long liquidation as market has witnessed drop in open interest by -1.02% to settled at 189610 while prices down -" />
 
NCDEX Soyabean under long liquidation
Commodity Online | November 15 2017
UPDATED 11:03:55 IST

MCX Silver may trade in a range between 39318-39700

Copper market under fresh selling; Support seen at 451.1

MCX Natural Gas may trade in range between 197.4-206.4

MCX Nickel under fresh buying; Resistance seen at 1027.1

MCX Crude Oil likely to trade in a range between 4343-4581

Technically NCDEX Soyabean is under long liquidation as market has witnessed drop in open interest by -1.02% to settled at 189610 while prices down -16 rupees.

Now Soyabean is getting support at 2833 and below same could see a test of 2817 level, And resistance is now likely to be seen at 2873, a move above could see prices testing 2897.

Soyabean on NCDEX settled down by -0.56% at 2849 tracking weakness in spot demand and overseas prices due to improving crop weather in South America.

Widespread rains in northern Brazil are expected to boost crop prospects in the world's top soybean exporting country. However, dry conditions will delay soy planting in neighboring Argentina.

The USDA reported export inspections of U.S. soybeans in the latest week at 2.087 mt, in line with trade expectations but down from this same week a year ago, when weekly inspections totaled 2.785 mt.

As per data, the arrivals in 1-10 Nov increased to 5.34 lt compared to 4.6 lt last year for same time. Arrivals since October in 2017 is about 17 lt as compared to 15 lt last year same period.

Good demand for soy meal exports kept the prices supported prices last week. Total exports of soy oilmeal in the first seven months of the fiscal started April is almost 5 times higher to 5.37 lakh tons compared to 1.07 lakh tons last year.

China increased its forecast for soybean imports in the 2017/18 crop year to 95.97 million tonnes from a previous forecast of 94.5 million tonnes, the country's Agriculture Ministry said in a report, boosted by strong crushing demand. At the Indore spot market in top producer MP, soybean gained 9 Rupees to 2769 Rupees per 100 kgs.

Trading Ideas:

--Soyabean trading range for the day is 2817-2897.

--Soyabean dropped tracking weakness in spot demand and overseas prices due to improving crop weather in South America.

--Widespread rains in northern Brazil are expected to boost crop prospects in the world's top soybean exporting country.

--NCDEX accredited warehouses soyabean stocks gained by 3048 tonnes to 98360 tonnes.

--At the Indore spot market in top producer MP, soybean gained 9 Rupees to 2769 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 250 8700.00
Coconut Oil 0.2 21000.00
Arecanut 1.2 2950.00
Sugar 8.64 3900.00

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