NCDEX Soybean sideways; Short term support: 3200

Sideways trend is likely for NCDEX Soybean futures in short term and intraday.
Short term support NCDEX August contract is seen at 3200 and resistance at 3400. Intraday support is visible at 3270 with a resistance of 3310.
NCDEX Soybean August futures were seen trading up by 0.21 per cent to 3299 levels on Friday .
Futures market on Thursday ended with a soft note amid lack of positive trade leads from the major centres of MP. Developments in global soy bean markets continued generating nega-tive tone, and similar was the tendency in other Kharif oilseeds.
Sowing reports continue to remain above normal as the latest government reports indicate the total sown area till 24th July has risen to 693.83 lakh ha vs 550.42 lakh ha same period last year.
As regards area coverage under soybean cultivation as on date, the crop might cross 100 lakh hectares against last year’s total of 110 lakh hectares. The Monsoon has showed some revival in last few weeks therefore enhancing the likelihood of the crop condition.
The Soybean Processors Association of India (SOPA) officials are currently expecting soybean production between 100 and 110 lakh hectares.
Get real time advice for Agri Commodity Tips , free agri tips , Commodity intraday tips , Agri commodity calls and all market updates. For 2 Days Free Trial, please visit our site http://www.capitalstars.com Call at 0731-6790000, 6669900.