Soyabean ended with flat node amid moderate buying and open and favourble weather for the standing crop in growing areas. Rains affected market activity last week hence buyers are back now due to open weather. Also, buying improved on expectations of better soyoil demand in the coming days due to festivals. But reports of good crop condition and increased output estimates are preventing prices from increasing. Rains caused some losses but market players feel it is not significant as the overall acreage has gone up this year. The prices may remain in the current range till markets have buying support. Arrivals of soyabean in Madhya Pradesh state gained by
10000 bags of 100kg each to 30000 bags of 100kg each. Arrivals of soyabean in Maharashtra state gained by 2000 bags of 100kg each to 12000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -2000 bags of 100kg each to 8000 bags of 100kg each. Soybean supplies have reduced to half due to heavy and incessant rains in Madhya Praesh 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. At the Indore spot market in top producer MP, soybean dropped -3 rupee to 3423 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 0.33% to settled at 79260 while prices down -1 rupee, now Soyabean is getting support at 2908 and below same could see a test of 2883 level, And resistance is now likely to be seen at 2948, a move above could see prices testing 2963.
Trading Ideas:
Soyabean trading range for the day is 2883-2963.
Soyabean settled flat amid moderate buying and open and favourble weather for the standing crop in growing areas.
Rains affected market activity last week hence buyers are back now due to open weather.
NCDEX accredited warehouses soyabean stocks dropped by 32 tonnes to 41 tonnes.
At the Indore spot market in top producer MP, soybean dropped -3 rupee to 3423 rupee per 100 kgs.
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