Soyabean Gained Supported by Signs of Strong Export Demand

Published 02-11-2021, 08:57 am
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Soyabean yesterday settled up by 2.25% at 5495 tracking a rise in overseas prices supported by signs of strong export demand. Private exporters reported the sale of 132,000 tonnes of soybeans to unknown destinations for delivery in the 2021/22 marketing year, the U.S. Agriculture Department said. Separate sales of 222,350 tonnes of soybeans for delivery during unknown time periods also were reported.

Soyabean production is estimated to rise by 14 percent to nearly 119 lakh tonnes this year on higher sowing area and likely improvement in productivity, according to industry body SOPA. In its estimate, Soyabean Processors Association of India (SOPA) said that the total area under soybean for the year 2021 is 119.984 lakh hectares. The government's area estimate is 123.677 lakh hectares. In last year's Kharif (summer sow) season, total soyabean acreage stood at 118.383 lakh hectare.

China's soybean imports from Brazil in September fell 18% from a year earlier, customs data showed, as poor crush margins limited demand. The world's top buyer of soybeans brought in 5.936 million tonnes of the oilseed from Brazil last month, versus 7.25 million tonnes in the corresponding year-ago period, data from the General Administration of Customs showed. At the Indore spot market in top producer MP, soybean gained 184 Rupees to 5686 Rupees per 100 kgs.

Technically market is under short covering as the market has witnessed a drop in open interest by -8.68% to settled at 63065 while prices up 121 rupees, now Soyabean is getting support at 5418 and below same could see a test of 5341 levels, and resistance is now likely to be seen at 5571, a move above could see prices testing 5647.

Trading Ideas:
# Soyabean trading range for the day is 5341-5647.
# Soyabean prices gained tracking rise in overseas prices supported by signs of strong export demand.
# Private exporters reported the sale of 132,000 tonnes of soybeans to unknown destinations for delivery in the 2021/22 marketing year
# Soyabean production is estimated to rise by 14 percent to nearly 119 lakh tonnes this year on higher sowing area
# At the Indore spot market in top producer MP, soybean gained 184 Rupees to 5686 Rupees per 100 kgs.

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