Soyabean Market Rises On Short Covering, Gains At 4194

Soyabean on NCDEX settled up 1.06% at 4194 after USDA trimmed US soybean ending stockpiles estimation and also maintained output forecast and on strong demand from China. The export of soybean meal in March 2016 has dropped to 70,820 tonnes in 2015-16, from 6,59,593 tonnes in 2014-15. India had imported 10,000 tonnes of soymeal as prices are very high in domestic market.

Global soybean production was left virtually unchanged from the March report because a projected boost in Argentina’s production was offset due to a decline in India’s soybean production. World Agriculture Supply and Demand estimate report shows, Indian's 2015/16 soybean production lowered to 7.5 million tonnes from 8.0 million tonnes in the reports. 

There are concerns over rains hitting the harvest in Argentina. In USDA report, global soybean production is slightly lower this month on reduced estimates at 320 mt. However, forecast of Brazil's 2015-16 soybean harvest lowered at 100.5 mt, from 101.3 mt last month by Informa Economics. USDA put soybean seedlings at 82.236 million acres below the average trade forecast. Light planting delays in southern parts of the U.S. have convinced some producers to switch to soybeans. 

In its April World Agriculture Supply and Demand estimate report, USDA has trimmed its forecast of US 2015-16 soybean ending stocks to 445 million bushels, down from 460 million bushes in March. Technically market is under short covering as market has witnessed drop in open interest by -0.53% to settled at 91200 while prices up 44 rupee, now Soyabean is getting support at 4149 and below same could see a test of 4105 level, and resistance is now likely to be seen at 4239, a move above could see prices testing 4285.

For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ - 0731-6554125 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717
NewerStories OlderStories Home

0 comments: