Soyabean On NCDEX Settled Down -0.11% At 3491



Soyabean on NCDEX settled down -0.11% at 3491 on profit booking after prices gained on reports of good meal exports. As per latest report by SOPA, soymeal exports rose 22.5% on year to 136,000 tn. During Oct-Jun, the soymeal exports are estimated at 13.6 lakh tn, against 16.3 mln tn in the year-ago period. The cabinet raised the minimum support price for soybean by 11.4% to Rs 3,399 per quintal but the futures have been higher than MSP. The area under soybean in the country was at 8.59 lakh ha as of last week, down 44.1% from a year ago, according to data released by the farm ministry.

Area under soybean in MP is down by 64% while in acreage is down in Maharashtra by 49% and Rajasthan 28%. In Madhya Pradesh, area under soybean was at 205,000 ha, significantly lower than 569,000 ha sown in the year-ago period. Moreover, China may cut its import tariff on soybeans from India, South Korea, and Bangladesh.

The area under soybean in the country was at 8.59 lakh ha as of last week, down 44.1% from a year ago, according to data released by the farm ministry. Area under soybean in MP is down by 64% while in acreage is down in Maharashtra by 49% and Rajasthan 28%. In Madhya Pradesh, area under soybean was at 205,000 ha, significantly lower than 569,000 ha sown in the year-ago period.

Technically market is under fresh selling as market has witnessed gain in open interest by 1.89% to settled at 32390 while prices down -4 rupees, now Soyabean is getting support at 3466 and below same could see a test of 3442 level, And resistance is now likely to be seen at 3524, a move above could see prices testing 3558.

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