Commodity Trading Tips for Soyabean by Kedia Commodity

Soyabean on NCDEX settled down by -0.99% at 2900 due to reports adequate supplies in the domestic physical markets. The oil millers are active at lower prices. Soybean in spot market gets some boost from increase in meal exports. According to a release by the Soybean Processors Association of India, soymeal exports rose over sevenfold to 207,977 tonnes in February 2017, compared to 29,951 tonnes in February 2016 showing 7-fould increase in exports. Overseas prices remained in range due to mixed fundamentals of record soybean production during 2016/17 and signs of good US export demand amid shipping slow-downs in key supplier Brazil. The USDA’s reported weekly export inspections of soybeans totaled 921,779 tonnes, up from 706,267 a week earlier. Heavy rains and muddy roads have delayed shipments of recently harvested supplies from Brazil. US soybean crushers crushed higher than the market expectations in January, third highest January crush on record, said National Oilseed Processors Association. NOPA reported that its members have processed 160.621 million bushels during January, up from 150.453 million bushels during the corresponding period last year and also up from 160.176 million bushels in December 2016. US soy meal shipments stood at 891,143 tons up from 686,493 tons during the corresponding period last year but down from 949615 tons in December 2016. At the Indore spot market in top producer MP, soybean dropped -45 Rupees to 2980 Rupees per 100 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 4.56% to settled at 164870 while prices down -29 rupees, now Soyabean is getting support at 2883 and below same could see a test of 2866 level, And resistance is now likely to be seen at 2926, a move above could see prices testing 2952.

Trading Ideas:

Soyabean trading range for the day is 2866-2952.

Soyabean prices ended with losses due to reports adequate supplies in the domestic physical markets.

According to a release by the SOPA, soymeal exports rose over sevenfold to 207,977 tonnes in February 2017.

NCDEX accredited warehouses soyabean stocks gained by 1059 tonnes to 218163 tonnes.

At the Indore spot market in top producer MP, soybean dropped -45 Rupees to 2980 Rupees per 100 kgs.