Commodity Trading Tips for Soyabean by KediaCommodity

SoyabeanSoyabean yesterday we have seen that market has moved -2.44% tracking weak overseas leads and weak spot demand. Indian farmers have cultivated soybean on 10.32 million hectares as on Aug. 3, compared with 9.75 million hectares at the same time a year ago, farm ministry data showed. Soybean is a summer crop sown in June and harvested in October. The soyabean acreage is expected to touch 58 lakh hectares and 31 lakh hectares mark in Madhya Pradesh and in Maharashtra respectively. In the current season, so far soyabean acreage has risen by 8% to 101.54 lakh compared to 94.34 lakh hectares in the year-ago period, according to the Agriculture Ministry data. In the ongoing kharif season soyabean acreage stood at 57.76 lakh hectares so far in Madhya Pradesh compared to 54.77 lakh hectares in the last season. Similarly in Maharashtra, the acreage stood at 29.15 lakh hectares compared to 26.39 lakh hectares in the same period. In the current kharif season, soyabean acreage in the country is expected to rise by 2 lakh hectares to 10.5 million hectares, according to data compiled by Soyabean Processors Association of India (SOPA). At the Indore spot market in top producer MP, soybean gained 47 Rs to 4520Re per 100 kgs. Market has opened at 4002 & made a low of 3927.5 versus the day high of 4020. The total volume for the day was at 104380 lots and the open interest was at 83920.Support for soyabean is at 3902 below that could see a test of 3868. Resistance is now seen at 3994 above that could see a resistance of 4053.

Trading Ideas:

Soybean trading range for the day is 3868-4054.

Soyabean ended lower tracking weak overseas leads and weak spot demand.

Soyabean acreage is expected to touch 58 lakh ha and 31 lakh ha in MP and in Maharashtra

Soyabean acreage in the country is expected to rise by 2 lakh hectares to 10.5 million hectares

At the Indore spot market in top producer MP, soybean gained 47 Rs to 4520Re 100 kgs.