Commodity Trading Tips for Soyabean by Kedia Commodity

Soyabean yesterday settled up 0.17% at 2936 amid fears of heavy showers over the growing areas in the next couple of days. Sentiments improved further as anticipation of rising export demand on the back of fresh export enquiries. However, surge in soyabean prices provided the chance to traders and stockist to liquidate their old stocks in local mandis due to which there was a limit in the upside in the prices. Buyers probably want to wait before taking any decision due to uncertainities related to weather. Sources feel standing soybean crop may have suffered some losses due to incessant rains in the previous days. Also, most soybean growing areas witnessed open weather on Friday which is considered fovourable for the crop. Soybean supplies have reduced to half due to heavy and incessant rains in Madhya Pradesh and other growing states. Also, many believe some harm to the standing soybean crop is likely due to unfavourable weather in growing regions. Sources feel standing soybean crop need open weather and sunlight with immediate effect. Similarly, the total exports of soyameal also declined sharply in the current month. The latest data compiled by the Solvent Extractors' Association of India (SEA of India ), the mustard meal exports during June 2013 is reporting at 0.96 lakh tonnes compared to 1.42 lakh tonnes in June 2013 i. e. down by 32.30%. At the Indore spot market in top producer MP, soybean gained 35 rupee to 3426 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 3.71% to settled at 79140 while prices up 5 rupee, now Soyabean is getting support at 2921 and below same could see a test of 2906 level, And resistance is now likely to be seen at 2957, a move above could see prices testing 2978.

Trading Ideas:

Soyabean trading range for the day is 2907-2977.

Soyabean ended with gains amid fears of heavy showers over the growing areas in the next couple of days.

Sentiments improved further as anticipation of rising export demand on the back of fresh export enquiries.

Sources feel standing soybean crop may have suffered some losses due to incessant rains in the previous days.

At the Indore spot market in top producer MP, soybean gained 35 rupee to 3426 rupee per 100 kgs.