Fresh Buying Seen In Soyabean, Open Interest Up By 2.56%


Soyabean on NCDEX settled up by 1.08% at 4290 on robust demand in export market and on supply worries from South America and Argentina, following reports of un-favourable weather. India's soybean production during Oct-Mar is estimated by 7.388 million tons while carry forward stocks are estimated at 612,000 tons, said The Soybean Processors Association of Indian in its half yearly supply and demand estimates report.

Total soybean supply is estimated to stood at 8 million tons of which one million tons of yellow bean retain for sowing, SOPA said. During Oct-Mar SOPA estimated 6.9 million tons of beans will be available for crushing, direct use and exports. India's soymeal carry forward stocks jumped two fold for Oct-Mar to 52,000 tons compared 20,000 tons a year ago, said The Soybean Processors Association of Indian in its half yearly supply and demand estimates report. SOPA expects soymeal output to be at 5.002 million tons during Oct-Mar. 

India soymeal exports expected to be at 370,000 tons while 4 million tons soybean meal consumed for poultry farm while 600,000 tons soymeal used for food consumption, SOPA said. The United States department of agriculture (USDA) maintained 2015-16 United States soybean production forecast for April while trimmed its forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report. 

At the Indore spot market in top producer MP, soybean dropped -9 rupee to 4286 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 2.56% to settled at 98690 while prices up 46 rupee, now Soyabean is getting support at 4259 and below same could see a test of 4227 level, and resistance is now likely to be seen at 4316, a move above could see prices testing 4341.

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