Commodity Trading Tips for Soyabean by KediaCommodity

SoyabeanSoyabean yesterday we have seen that market has moved -3.84% on a drop in overseas prices and on good rainfall in top soybean producing Madhya Pradesh state. West Madhya Pradesh received 392 percent more rainfall than normal, while the east part of the state got 93 percent higher than normal. 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 earlier, farm ministry data showed. A drop in oilmeal exports in July also hurt sentiments, dealers said. India's oilmeal exports fell to 274,635 tonnes in July from 281,879 tonnes a year earlier led by a sharp drop in the overseas sales of rapeseed meal. China to dominate global soymeal demand for the 6th consecutive year in 2012-13, on the back on rising hog herds in the country, raising exports of U.S and the other major soymeal producers. According to USDA, China is estimated to consume a record 49.86 million tons of soymeal in 2012-13 up 7.3% compared to last year and the country may have a record 690 million hogs. While, the soybean crop damage caused in the major producing regions in the globe has raised the price of soybean and its derivatives. At the Indore spot market in top producer MP, soybean gained 50 Rs to 4624Re per 100 kgs. Market has opened at 3978 & made a low of 3828.5 versus the day high of 3998. The total volume for the day was at 151840 lots and the open interest was at 77990.Support for soyabean is at 3776 below that could see a test of 3718. Resistance is now seen at 3946 above that could see a resistance of 4057.

Trading Ideas:

Soybean trading range for the day is 3717-4057.

Soyabean dropped on drop in overseas prices and on good rainfall in soybean producing Madhya Pradesh state.

India's oilmeal exports fell to 274,635 tonnes in July from 281,879 tonnes a year earlier

China is estimated to consume a record 49.86 million tons of soymeal in 2012-13 up 7.3%

At the Indore spot market in top producer MP, soybean gained 50 Rs to 4624Re 100 kgs.