Soyabean likely to move in a range of 3652-3732 levels

NCDEX Soyabean is getting support at 3670 and below same could see a test of 3652 level, And resistance is now likely to be seen at 3710, a move above could see prices testing 3732.

Soyabean on NCDEX settled down by 0.51% at 3688 tracking weakness in spot demand on higher off-season arrivals and higher production forecasts. As per latest press release by SOPA, India’s soybean output is higher by 38% at 114.8 lakh tonnes this year due to increase in average yield across the country.

Reports showing soymeal exports from India are expected to rise 25% on year to around 15 lakh tonnes in 2018-19 (Apr-Mar). Pressure seen driven by higher projection of 2018-19 soybean output.

India’s soybean output is likely to rise by a staggering 38 per cent this year on a sharp increase in average yield across the country, following favourable climatic condition in major cultivating states including Madhya Pradesh, Maharashtra and Rajasthan.

Data captured through the latest assessment of farmers, traders and other stakeholders by the apex industry body the Soybean Processors’ Association (SOPA) showed India’s total soybean output standing at 11.48 million tonnes during the ongoing harvesting season as compared to 8.36 million tonnes in the previous season.

During the current season, soybean acreage was up 6.7 per cent to 10.84 million hectare (ha) from 10.16 million ha in the previous season. The survey presented a surprising picture in Maharashtra despite droughts in many agricultural pockets in the state.

Soybean output in Maharashtra is estimated to rise by 32 per cent to 3.84 million tonnes for this year from 2.91 million ha last year. At the Indore spot market in top producer MP, soybean dropped  38 Rupees to 3772 Rupees per 100 kgs.

Trading Ideas:
–Soyabean trading range for the day is 3652-3732.
–Soyabean dropped tracking weakness in spot demand on higher off-season arrivals and higher production forecasts.
–India’s soybean output is higher by 38% at 114.8 lakh tonnes this year due to increase in average yield across the country.
–Reports showed soymeal exports from India are expected to rise 25% on year to around 15 lakh tonnes in 2018-19
–At the Indore spot market in top producer MP, soybean dropped  38 Rupees to 3772 Rupees per 100 kgs.

Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *