Soyabean On NCDEX Settled Down -1.66% At 2785

Soyabean on NCDEX settled down -1.66% at 2785 on profit booking after prices gained amid concerns over lower supplies following strikes by farmers in Madhya Pradesh. Soybean arrivals in local mandis during May were at 450,000 unchanged from the previous month on need based consumption and selling in local mandis, SOPA said. Arrivals during April fell to 450,000 tons as compared to 500,000 tons in March, SOPA said.

Soybean crushing has dropped to 550,000 tons as compared to 625,000 tons in the same period a month ago, SOPA said. According to SOPA India's 2016-17 (Oct-Sep) total supply is expected to be at 11.93 million tons of which 441,000 tons are carry over from last year and 11.49 is estimated output.

Of the total supply around 1.2 million tons are retained for sowing while 150,000 tons are available for direct consumption and 8.5 million tons available for crushing. Around 250,000 tons of crop are for exports while 4.591 million tons of crops are still with farmers. The U.S. Department of Agriculture reported export sales of U.S. soybeans in the latest week at 381,000 tonnes, were down 22% from the previous week and 16% from the prior 4-week average.

As per USDA report, US soybeans is 83% planted vs 67% wk ago (79 pct 5-yr avg). Technically market is under fresh selling as market has witnessed gain in open interest by 8.82% to settled at 89830 while prices down -47 rupees, now Soyabean is getting support at 2753 and below same could see a test of 2720 level, And resistance is now likely to be seen at 2838, a move above could see prices testing 2890.
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