Soyabean NCDEX Market UpDate
Soyabean on NCDEX settled down by -2% at 3979 on subdued demand for the Indian soymeal in export market and on hope of higher supply from Brazil and in domestic market.
Prices were down on higher supply hope after Brazilian soybean exports were estimated to be around 55.3 million tons higher by 1 million tons from last year. Prices of the bean were also down on higher supply on hope of good monsoon rains after the India Meteorological Department said southwest monsoon will be above normal in 2016, after two straight years of deficient rainfall, boosting prospects of higher economic growth.
Prices were down on higher supply hope after Brazilian soybean exports were estimated to be around 55.3 million tons higher by 1 million tons from last year. Prices of the bean were also down on higher supply on hope of good monsoon rains after the India Meteorological Department said southwest monsoon will be above normal in 2016, after two straight years of deficient rainfall, boosting prospects of higher economic growth.
Soybean oilmeal exports plunged 99.06% to 430 tons in March compared to 45,917 tons for the corresponding period a year earlier, data released from Solvent Extractors Association of India (SEA) showed.
Total soybean supply is estimated to stood at 8 million tons of which one million tons of yellow bean retain for sowing, SOPA said. At the Indore spot market in top producer MP, soybean dropped -35 rupee to 4083 rupee per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -7.08% to settled at 76780, now Soyabean is getting support at 3941 and below same could see a test of 3902 level, And resistance is now likely to be seen at 4037, a move above could see prices testing 4094.
we are provide NCDEX market tips and two day free trail to content this no 9827808090 and miss call.
Trading Ideas
- Soyabean trading range for the day is 3902-4094.
Soyabean prices dropped on subdued demand for the Indian soymeal in export market and on hope of higher supply from Brazil.
India's soybean production during Oct-Mar is estimated by 7.388 million tons while carry forward stocks are estimated at 612,000 tons.
NCDEX accredited warehouses soyabean stocks gained by 853 tonnes to 16101 tonnes.
At the Indore spot market in top producer MP, soybean dropped -35 rupee to 4083 rupee per 100 kgs
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