Commodity Trading Tips for Soyabean by KediaCommodity

SoyabeanSoyabean yesterday we have seen that market has moved -0.71% on favourable weather for soybean in key growing areas. Soybean areas of west-central India continue to see episodes of rain and thunderstorms, some heavy rains. Soil moisture is already adequate to surplus and severe flooding could result if the region continues to experience heavy rainfall. The threat of poor crop conditions in US ahead of soybeans critical pod filling stage of development encouraged traders to add risk premium back to prices. At the Indore spot market in top producer MP, soybean dropped -4 Rs to 2377Re 100 kgs. Market has opened at 2463 & made a low of 2423 versus the day high of 2465. The total volume for the day was at 40510 lots and the open interest was at 77780.Support for soyabean is at 2416 below that could see a test of 2399. Resistance is now seen at 2458 above that could see a resistance of 2483.

Trading Ideas:

Soyabean trading range is 2399-2483.

Soyabean moved -0.71% on favourable weather for soybean in key growing areas

Soybean areas of west-central India continue to see episodes of rain and thunderstorms, some heavy rains

Threat of poor crop conditions in US ahead of soybeans critical pod filling stage of development encouraged traders

At the Indore spot market in top producer MP, soybean dropped -4 Rs to 2377Re 100 kgs.