yesterday settled down by -0.44% at 6066 on profit booking and after USDA's November monthly report showed soyabean production in India has grown 8% month-on-month to 11.9 million tonnes. However, downside seen limited amid soaring demand for soymeal, amid transportation bottlenecks, and labour shortages. The U.S. Department of Agriculture confirmed private sales of 256,930 tonnes of U.S. soybeans to unknown destinations. The announcement followed rumors this week that China was buying U.S. soybeans. The USDA also reported export sales of U.S. soybeans in the week ended Nov. 4 at 1.289 million tonnes, in line with trade expectations for 950,000 to 1.8 million tonnes.
China booked 939,300 tonnes and shipped 2.34 million tonnes. There was higher demand from oil mills amid low arrivals. The government is very cautious about reviewing the implementation of stock limits on oilseeds and edible oils, which keep prices in check in the country. According to SEA, soymeal exports declined sharply to 5,831 tonnes in September this year from 68,576 tonnes in the same period a year ago. Support is seen after smaller-than-expected soybean harvests in the major production states of Indiana, Iowa, Kansas, and Ohio sparked a surprise cut to the U.S. harvest outlook. Despite the cut to the soybean harvest view, the domestic ending stocks projection grew because of weakening export demand for U.S. supplies. At the Indore spot market in top producer MP, soybean gained 119 Rupees to 5994 Rupees per 100 kgs.
Technically market is under long liquidation as the market has witnessed a drop in open interest by -4.58% to settled at 76510 while prices down -27 rupees, now Soyabean is getting support at 5990 and below same could see a test of 5913 levels, and resistance is now likely to be seen at 6147, a move above could see prices testing 6227.
# Soyabean trading range for the day is 5913-6227.
# Soyabean dropped on profit booking and as soyabean production in India has grown 8% month-on-month to 11.9 million tonnes.
# However downside seen limited amid soaring demand for soymeal, amid transportation bottlenecks, and labour shortages.
# USDA confirmed private sales of 256,930 tonnes of U.S. soybeans to unknown destinations.
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