Commodity Trading Tips for Soyabean by KediaCommodity

Commodity Trading Tips for Soyabean by KediaCommoditySoyabean yesterday we have seen that market has moved -0.42% on sluggish demand and a drop in the U. S. market. Though soybean supplies are thin, the drop in soymeal exports orders is deterring oil mills from buying soybeans at higher level. The country's soyameal exports fell 70 per cent to 1,00,000 tonnes in April due to sluggish global demand. Shipments of soyameal, used as animal feed, stood at 3.36 lakh tonnes in the same month last year. Exports fell as "the Indian soybean meal prices are not competitive in comparison to international rates," SOPA said in a statement. Till April of 2012-13 oil year (October-September), the exports have declined by 13.6 per cent to 26.97 lakh tonnes against 31.21 lakh tonnes in the same period last year. Arrivals of soyabean in Madhya Pradesh state dropped by 10000 bags of 100kg each to 35000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by 5000 bags of 100kg each to 25000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by 3000 bags of 100kg each to 12000 bags of 100kg each. India's soymeal exports in April sank 67 percent from a month ago to 99,451 tonnes, dropping for a third straight month as farmers held back stocks in a move that tightened supply and boosted prices of the animal feed. At the Indore spot market in top producer MP, soybean dropped -10 Rs to 4021Re per 100 kgs. Market has opened at 3900 & made a low of 3871 versus the day high of 3920. The total volume for the day was at 46040 lots and the open interest was at 81640. Support for soyabean is at 3865 below that could see a test of 3844. Resistance is now seen at 3914 above that could see a resistance of 3942.

Trading Ideas:

Soybean trading range for the day is 3844-3942.

Soyabean ended with losses on sluggish demand and a drop in the U. S. market.

Arrivals of soyabean in Madhya Pradesh state dropped by 10000 bags of 100kg each to 35000 bags of 100kg

NCDEX accredited warehouses soyabean stocks gained by 50 tonnes to 11072 tonnes.

At the Indore spot market in top producer MP, soybean dropped -10 Rs to 4021Re 100 kgs.