Technically Soyabean market is under fresh selling as market has witnessed gain in open interest by 1.12% to settled at 43335 while prices down 31 rupees.
Now NCDEX Soyabean is getting support at 3895 and below same could see a test of 3868 levels, and resistance is now likely to be seen at 3945, a move above could see prices testing 3968.
Soyabean yesterday settled down by 0.43% at 3904 as new soybean arrivals have started, in Madhya Pradesh. The total arrival of soybeans in Madhya Pradesh has been 80,000 bags, including 15,000 bags of new soybeans.
With the harvesting of new crops in Madhya Pradesh, new soybean arrivals in the mandis are expected to increase in the coming days.
Even as the Soybean Processors Association of India is yet to come with the exact estimate of damage to the soybean crops on account of heavy rains and pest infection following its second round of field survey in the soybean growing regions of Madhya Pradesh, Maharashtra and Rajasthan, the new soybean has started hitting mandis across Madhya Pradesh.
US Agriculture Department’s monthly report to reduce US soybean production and final stock in 2020-2021. China’s agriculture ministry said it expects soybean imports to rise in the second half, including from America as the phase-one deal is implemented.
India’s soybean production could jump by 32% in 2020 to 12.25 million tonnes from a year earlier due to higher area under the oilseed and as the yields are expected to rise on ample monsoon rainfall.
–Soyabean trading range for the day is 3828-4018.
–Soyabean prices dropped as new soybean arrivals have started, in Madhya Pradesh.
–With the harvesting of new crops in Madhya Pradesh, new soybean arrivals in the mandis are expected to increase in the coming days.
–US Agriculture Department’s monthly report to reduce US soybean production and final stock in 2020-2021.
–At the Indore spot market in top producer MP, soybean gained 21 Rupees to 3947 Rupees per 100 kgs.