Technically Soyabean market is under fresh buying as market has witnessed gain in open interest by 1.27% to settled at 147130 while prices up 69 rupees.

Now NCDEX Soyabean is getting support at 5163 and below same could see a test of 5078 levels, and resistance is now likely to be seen at 5304, a move above could see prices testing 5360.

Soyabean yesterday settled up by 1.33% at 5249 as worries about tight U.S. and global supplies overshadowed a U.S. Department of Agriculture report that raised forecasts for world soy stocks and Brazil’s soy harvest.

In a monthly supply-demand report, the USDA raised its estimate of Brazil’s 2020/21 soybean harvest to 134 million tonnes, from 133 million last month. The USDA also raised its estimate of Brazil’s year-ago 2019/20 soy crop.

The USDA raised its projection for 2020/21 global soybean ending stocks to 83.74 million tonnes, from 83.36 million tonnes last month. The USDA left its forecast of U.S. 2020/21 soybean ending stocks at 120 million bushels, unchanged from last month and a seven-year low, if realized.

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. At the Indore spot market in top producer MP, soybean gained 32 Rupees to 5447 Rupees per 100 kgs.

Trading Ideas:
–Soyabean trading range for the day is 5078-5360.
–Soyabean prices gained as worries about tight U.S. and global supplies overshadowed a USDA report that raised forecasts for world soy stocks and Brazil’s soy harvest.
–The USDA raised its estimate of Brazil’s 2020/21 soybean harvest to 134 million tonnes, from 133 million last month.
–USDA raised its projection for 2020/21 global soybean ending stocks to 83.74 million tonnes, from 83.36 million tonnes last month.
–At the Indore spot market in top producer MP, soybean gained  32 Rupees to 5447 Rupees per 100 kgs.