Soyabean settled down by -1.06% at 3929 amid profit booking after prices seen supported due to lower arrivals from the new season crop and concern over production in Madhya Pradesh. Further, strong demand in overseas markets also supported soyabean prices uptrend. However, fall in soymeal exports in current financial year, capped some gains. According to the Central Organization for Oil Industry & Trade (COOIT) soybean area under cultivation for the year 2015-16 is estimated to stood at 11.6 million tons compared to 10.9 million tons for the same period a month ago.
Sowing picked up in largest growing state of Mato Grosso. Soybean oilmeal exports dropped to 4,237 tons in October compared to 29,071 tons for the corresponding period a year earlier, data from SEA of India showed. India freight on board (FOB) soymeal price was at $511 per ton in Oct compared to $485 per ton for the same period year ago. Technically market is under fresh selling as market has witnessed gain in open interest by 3.47% to settled at 92610 while prices down -42 rupee, now Soyabean is getting support at 3917 and below same could see a test of 3904 level, and resistance is now likely to be seen at 3947, a move above could see prices testing 3964.
GET MORE DETAILS ABOUT AGRI MARKET VISIT >>http://goo.gl/D7ZYop
Get real time advice for Free Stock Tips , Free CommodityTips , Equity TradingTips , Stock Market Tips , Free Share Market Tips , share market Live Calls and all market updates. For 2 Days Free Trial , please visit our site http://www.capitalstars.com/free-trial Call at 0731-6790000, 6669900.
Soyabean prices dropped amid profit booking after prices seen supported due to lower arrivals from the new season crop, this information given by Epic Research.
ReplyDelete