Commodity Trading Tips for Soyabean by Kedia Commodity

SoyabeanSoyabean yesterday settled down -0.36% at 3154 on the prospects of higher production in the major producing area due to early arrival of rains. Supplies have halved in the state due to rains. India's area under soybean crop was 4.29 mn hectares 28, according to the Ministry of Agriculture. Soymeal exports declined to 96,492 tons in May 2013 from 142,588 tons, year-on-year basis. Arrivals of soyabean in Madhya Pradesh state gained by 20000 bags of 100kg each to 35000 bags of 100kg each. Arrivals of soyabean in Maharashtra state gained by 5000 bags of 100kg each to 30000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -5000 bags of 100kg each to 15000 bags of 100kg each. The soybean planting is gradually picking-up the pace in all the key growing states followed by better monsoon and favourable weather this season. Higher than expected monsoon rains in June have raised India's hopes of a higher soybean crop. India's soybean crop is depend upon monsoon rains. Persisting good rains are expected to boost India's soybean production this year there by pressuring the commodity movement to certain extent. At the Indore spot market in top producer MP, soybean gained 15 rupee to 3761 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 2.29% to settled at 24520 while prices down -11.5 rupee, now Soyabean is getting support at 3140 and below same could see a test of 3126 level, And resistance is now likely to be seen at 3173, a move above could see prices testing 3192.

Trading Ideas:

Soyabean trading range for the day is 3127-3191.

Soyabean dropped on the prospects of higher production in the major producing area due to early arrival of rains.

Arrivals of soyabean in Madhya Pradesh state gained by 20000 bags of 100kg each to 35000 bags of 100kg each.

NCDEX accredited warehouses soyabean stocks gained by 70 tonnes to 22223 tonnes.

At the Indore spot market in top producer MP, soybean dropped -26 rupee to 3720 rupee per 100 kgs.