Commodity Trading Tips for Soyabean by KediaCommodity

Ajay Kumar Kedia 18 April 2013

Soyabean yesterday we have seen that market has moved 4% on bargain-buying supported by an upside in the world market. India's soymeal exports in April are likely to fall to 200,000 tonnes, down 36 percent from a year earlier, unless buying from Iran improves. As per the latest WASDE report released by USDA, soybean production in Argentina and Brazil is kept unchanged at 515 and 835 LT respectively. World soybean ending stocks are increased to 626 LT vs 602 LT. USA ending stocks are 125 million bushel. China, the world's top soybean buyer, imported 3.84 million tons of the oilseed in March, up 32.4 percent from February but down 20.5 percent from a year ago as port congestion in Brazil delayed some shipments. However it is likely to import less this year, as per news sources. As per the data released by SEA of India, the export of oilmeals during March 2013 is reported 430,407 tons compared to 628,337 tons in March 2012 i.e. down by 32%. Arrivals of soyabean in Madhya Pradesh state dropped by -5000 bags of 100kg each to 45000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -5000 bags of 100kg each to 30000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -3000 bags of 100kg each to 12000 bags of 100kg each. At the Indore spot market in top producer MP, soybean dropped -36 Rs to 3964Re per 100 kgs. Market has opened at 3760 & made a low of 3760 versus the day high of 3898.5. The total volume for the day was at 155310 lots and the open interest was at 99380.Support for soyabean is at 3806 below that could see a test of 3714. Resistance is now seen at 3945 above that could see a resistance of 3991.