Soyabean trading range for the day is 3036-3094.

by - 4:24 pm

Soyabean prices seen under pressure on expectation of higher supply in global market and on weak demand. Prices of the bean were down on oversupply woes as rainfall resume in major growing region of Brazil. Prices also dropped amid lower demand from crusher as per their requirement and they are carrying around 25-30 days of stock of soybean and soymeal so crushers are unlikely to buy soybean aggressively at higher level. 

India's Oct-Dec soymeal exports is expected to be at 370,000 of the total estimated production at 1.975 million tons, Soybean Processors Association of India (SOPA), said in a press release. Total availability of the bean for Oct-Dec is expected be at 202,000 tons, the press release said. Meanwhile, SOPA expects total arrivals of the yellow bean at 3.8 million tons for the first three month of oil season. Of the total arrivals 2.450 million tons are expected to be crushed while 1.466 is with plants or traders. Industry participants expect exports to reach 540,000 tons for Oct-Dec period.
Get live News Updates visit us at http://ripplesadvisory.com or One Missed Call on @9303-093093.

Technically market is under fresh selling as market has witnessed gain in open interest by 11.52% to settled at 90430, now Soyabean is getting support at 3053 and below same could see a test of 3036 level, And resistance is now likely to be seen at 3082, a move above could see prices testing 3094.

Share
Tweet
Pin
Share
Tags : , ,

You May Also Like

0 comments

Note: only a member of this blog may post a comment.