Commodity Trading Tips for Soyabean by KediaCommodity

SoyabeanSoyabean yesterday we have seen that market has moved 0.38% as rising overseas sales of soymeal lifted demand for the beans from oil millers. India exported 581,606 tonnes of soymeal in February, compared with 344,240 tonnes a year earlier. Arrivals of soyabean in Madhya Pradesh state dropped by -20000 bags of 100kg each to 50000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -5000 bags of 100kg each to 35000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -5000 bags of 100kg each to 15000 bags of 100kg each. As per the latest WASDE report released by USDA, global oilseed production for 2012/13 is projected at 466.8 million tons, down slightly from last month as reduced soybean and sunflowerseed production is mostly offset by increased rape-seed and cottonseed production. Argentina soybean production is projected at 51.5 million tons, down 1.5 million. Brazil soy-bean production is kept at 83.5 MMT unchanged. Argentina soybean production is projected at 51.5 million tons, down 1.5 million. U. S. soybean supply and use projections for 2012/13 are unchanged this month, leaving ending stocks at 125 million bushels. U. S. exports are expected to decline in the months ahead as increased competition from a record South American soybean crop limits additional U. S. sales during the second half of the marketing year. At the Indore spot market in top producer MP, soybean gained 9 Rs to 3688Re per 100 kgs. Market has opened at 3625 & made a low of 3615 versus the day high of 3668. The total volume for the day was at 66540 lots and the open interest was at 69540. Support for soyabean is at 3621 below that could see a test of 3592. Resistance is now seen at 3674 above that could see a resistance of 3698.

Trading Ideas:

Soybean trading range for the day is 3592-3698.

Soyabean ended with gains as rising overseas sales of soymeal lifted demand for the beans from oil millers.

India exported 581,606 tonnes of soymeal in February, compared with 344,240 tonnes a year earlier.

Arrivals of soyabean in Madhya Pradesh state dropped by -20000 bags of 100kg each to 50000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean gained 9 Rs to 3688Re 100 kgs.