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SOYABEAN COMMODITY MARKET UPDATE
Soyabean on NCDEX settled down by -0.27% at 3729 due to expectation of better harvest as rains have eased in MP, the largest producer of soybean. As on now, soybean sowing was recorded at 96.6 lh, same as from a year ago as per the government data.
Soyabean trading range for the day is 3692-3780.Sowing progress in leading soybean producers like Madhya Pradesh, Maharashtra, and Rajasthan improved following good rains during July. Soybean acreage in the country is likely to decline but it may not affect the yield in the country due to hopes of good yield.
US soybean planting is complete, as on 26 June 2016.Further, about 95% of the newly planted US soybean has emerged which is up from 88% during the corresponding period last year and also up from 5 year average of 91%.
At the Indore spot market in top producer MP, soybean gained 28 rupee to 3818 rupee per 100 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 4.44% to settled at 50860 while prices down -10 rupee, now Soyabean is getting support at 3711 and below same could see a test of 3692 level, And resistance is now likely to be seen at 3755, a move above could see prices testing 3780.
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