Soyabean is getting support at 3715 and below same could see a test of 3682 level, And resistance is now likely to be seen at 3767, a move above could see prices testing 3786.
Soyabean on NCDEX settled up by 0.64% at 3748 on short covering after prices dropped driven by higher projection of 2018-19 soybean output. Soybean prices fell further on concerns over a prolonged Washington-Beijing trade war and slowing global economic growth.
However, downside seen limited on recent Chinese purchases of North American beans amid hopes of a deal to end the Sino-US trade conflict. India, 2018-19 soybean output is projected higher at 13.45 million tons from 10.98 million tons, according to data from agriculture ministry.
While soybean output is seen down in Brazil and Argentine due to adverse weather, prices are ruling high on Chicago Board of Trade on hopes of demand from China. Soybean output in Madhya Pradesh is seen rising 35.3% to 7.20 mln tn during 2018-19 (Jul-Jun), according to the second advanced estimate shared by an official from the state farm department.
Soybean arrivals were restricted in producing centres as most farmers of Madhya Pradesh have sold their produce under just ended Bhavantar Bhugtan Yojana. Hopes of soymeal demand for export due to parity also aided the sentiment.
India’s December soymeal exports jumped 42% on year to 240,530 tons, showed data from the Solvent Extractors’ Association of India (SEA). Reports of lower crop in Brazil and Argentine, respectively second and third largest global producers also boosted the prices in domestic markets induced by hopes of higher demand for India soymeal in the coming months.At the Indore spot market in top producer MP, soybean dropped 31 Rupees to 3795 Rupees per 100 kgs.
–Soyabean trading range for the day is 3682-3786.
–Soyabean gained on short covering after prices dropped driven by higher projection of 2018-19 soybean output.
–India’s 2018-19 soybean output is estimated by at 13.45 million tons up from 10.98 million tons, agriculture ministry data showed.
–NCDEX accredited warehouses soyabean stocks dropped by 1208 tonnes to 143623 tonnes.
–At the Indore spot market in top producer MP, soybean dropped 31 Rupees to 3795 Rupees per 100 kgs.