Commodity Trading Tips for Soyabean by Kedia Commodity

SoyabeanSoyabean yesterday settled up 2.57% at 3034.5 amid moderate buying and low supplies. Buying has shown some improvement and supplies are lower compared with demand. Buying improved as trade activity increased due to open weather and also expectations of better soyoil demand in the current month due to festivals. Reports of good crop condition and increased output estimates will prevent major gains. Arrivals of soyabean in Rajasthan state dropped by -4000 bags of 100kg each to 4000 bags of 100kg each. Recent heavy rains in many of its growing areas in MP, Rajasthan and MH caused a fear of crop damage in some patches. 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. Most growing regions are witnessing heavy rains hence there is fear or loss to the standing crop. According to sources, there is water logging in many fields in low lying areas. Rains also disrupted supplies and most Madhya Pradesh mandis witnessed low arrivals. China imported a record 7.20 million tonnes of soybeans in July, up 3.9 percent from June, figures from the General Administration of Customs showed. At the Indore spot market in top producer MP, soybean gained 92 rupee to 3540 rupee per 100 kgs. Now Soyabean is getting support at 2984 and below same could see a test of 2934 level, And resistance is now likely to be seen at 3066, a move above could see prices testing 3098.

Trading Ideas:

Soyabean trading range for the day is 2934-3098.

Soybean prices ended with gains amid moderate buying and low supplies.

Buying has shown some improvement and supplies are lower compared with demand.

China imported a record 7.20 million tonnes of soybeans in July, up 3.9 percent from June

At the Indore spot market in top producer MP, soybean gained 92 rupee to 3540 rupee per 100 kgs.