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Soyabean Agri-Commodity Market Update
Soyabean trading range for the day is 3124-3222. Soyabean dropped tracking weakness in spot demand despite of overseas gains on concerns that floods could crimp output in Argentina. Downside also seen limited on increasing soymeal export prospects and on supply worries from the United States. NCDEX accredited warehouses soyabean stocks gained by 2999 tonnes to 163184 tonnes. At the Indore spot market in top producer MP, soybean dropped -4 rupee to 3142 rupee per 100 kgs.
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Technically
market is under fresh selling as market has witnessed gain in open
interest by 1.12% to settled at 155610 while prices down -15 rupee, now
Soyabean is getting support at 3142 and below same could see a test of
3124 level, And resistance is now likely to be seen at 3191, a move
above could see prices testing 3222.
Trading Ideas
- Soyabean trading range for the day is 3124-3222.
- Soyabean dropped tracking weakness in spot demand despite of overseas gains on concerns that floods could crimp output in Argentina.
- Soyabean on NCDEX settled down by -0.47% at 3159 tracking weakness in spot demand despite of overseas gains on concerns that floods could crimp output in Argentina.
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