Soyabean On NCDEX Settled Up By 0.54% At 2800

Soyabean on NCDEX settled up by 0.54% at 2800 as support seen on expectation that the Minimum Support Prices (MSP) for soybean may increase and lower arrivals in the physical market.

Though, good sowing progress in the current kharif crop, capped some gains. Arrivals of soybean in the country rose to 6.4 mln tn during Oct-May from 4.6 mln tn a year ago due to huge production this year, Soybean Processors Association of India today said. Arrivals in May were 450,000 tn, higher than 320,000 tn in the same period last year.

Soybean stock with farmers was 4.1 mln tn at the end of May, more than double the stock a year ago, the association said in a report. USDA left domestic soybean production unchanged in the monthly World Agricultural Supply and Demand Estimates report, but bumped both old-crop and new-crop soybean ending stocks both domestically and globally.

Because of a 15-million-bushel change in the 2016-17 domestic soybean crush, ending stocks for both old-crop and new-crop soybeans were raised by a corresponding 15 million bushels. Global soybean production was raised for 2016-17 by 3.3 million metric tons to 351.3 million metric tons mostly because the Brazil soybean crop was bumped up 2.4 mmt to 114 mmt.

That was due to increased yields in the more-recently harvested areas of Brazil. At the Indore spot market in top producer MP, soybean remains unchanged at 0 Rupees to 2886 Rupees per 100 kgs.

Technically market is under fresh buying as market has witnessed gain in open interest by 4.9% to settled at 94230 while prices up 15 rupees, now Soyabean is getting support at 2772 and below same could see a test of 2744 level, And resistance is now likely to be seen at 2818, a move above could see prices testing 2836.
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