Technically Soyabean market is under fresh buying as market has witnessed gain in open interest by 2.65% to settled at 145280 while prices up 38 rupees.
Now NCDEX Soyabean is getting support at 5136 and below same could see a test of 5092 levels, and resistance is now likely to be seen at 5208, a move above could see prices testing 5236.
Soyabean yesterday settled up by 0.74% at 5180 as U.S. report is expected to reduce forecast for world supplies amid adverse South American weather.
Support also seen amid concerns about crops in South America. Harvest-time rains in Brazil have not only hit supplies but also the quality of beans.
Brazilian farmers had harvested an estimated 35% of the planted soybean area through last Thursday, down from 49% a year earlier and the slowest pace in a decade.
China’s soybean imports in the first two months of 2021 fell slightly from a year earlier, customs data showed on Sunday, as rains in top exporter Brazil slowed some shipments.
The world’s top market for soybeans brought in 13.41 million tonnes of the oilseed in January and February, down 0.8% from 13.51 million tonnes a year earlier, according to data from the General Administration of Customs.
China’s customs office releases preliminary trade data for January and February together rather than separately to smooth out distortions caused by the week-long Lunar New Year holiday, which this year was in mid-February.
Soybean imports surged to a record last year as crushers ramped up purchases on improved margins and healthy demand from the pig sector. At the Indore spot market in top producer MP, soybean gained 32 Rupees to 5404 Rupees per 100 kgs.
–Soyabean trading range for the day is 5092-5236.
–Soyabean gained as U.S. report is expected to reduce forecast for world supplies amid adverse South American weather.
–USDA will lower its estimates for 2020/21 ending stocks for soybeans.
–Harvest-time rains in Brazil have not only hit supplies but also the quality of beans.
–At the Indore spot market in top producer MP, soybean gained 32 Rupees to 5404 Rupees per 100 kgs.