Soyabean likely to move in a range of 3293-3451

Soyabean is getting support at 3324 and below same could see a test of 3293 level, And resistance is now likely to be seen at 3403, a move above could see prices testing 3451.

Soyabean on NCDEX settled down by 1.29% at 3355 as buying by crushers was limited in the physical market in the absence of any significant demand for soyoil and soymeal. Reports of higher arrivals and bumper crop hope weighed on prices.

India’s 2018-19 soybean production is projected at 13.46 million tons up 22.5% over previous year, agriculture ministry data showed. According to senior government officials, China is likely to open its doors to soybean from India after allowing the import of no basmati rice and raw sugar.

As per SOPA, India’s soymeal exports in 2018/19 could jump as much as 70% from a year ago, buoyed by expected purchases from the world’s biggest soybean buyer China. Moreover, govt. plans to procure 44 lakh tonnes of oilseeds and pulses from farmers at MSPs in the ongoing kharif marketing season.

India’s 2018-19 soybean production is projected at 13.46 million tons up 22.5% over previous year, agriculture ministry data showed. Further, Soybean Processors Association of India (SOPA) has projected an increase of 70% in soymeal exports during 2081-19 on expectations of fresh demand from China.

Arrivals of soybean in Madhya Pradesh are lower than expected and any significant increase in supplies is unlikely till the assembly polls.

USDA indicated that 1.056 mt of soybeans were inspected for export in the week that ended on November 15, down 22.13% from last week and less than half of the same week in 2017.  At the Indore spot market in top producer MP, soybean gained  17 Rupees to 3431 Rupees per 100 kgs.

Trading Ideas:
–Soyabean trading range for the day is 3293-3451.
–Soyabean prices dropped as buying by crushers was limited in the physical market in the absence of any significant demand for soyoil and soymeal.
–India’s 2018-19 soybean production is projected at 13.46 million tons up 22.5% over previous year, agriculture ministry data showed.
–NCDEX accredited warehouses soyabean stocks gained by 1364 tonnes to 124797 tonnes.
–At the Indore spot market in top producer MP, soybean gained  17 Rupees to 3431 Rupees per 100 kgs.

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