Soybean Trading Ideas For The Day

Soybean trading range for the day is 3598-3758. Support for soybean is at 3651 below that could see a test of 3598. Resistance is now seen at 3731 above could see a resistance of 3759.

Soybean prices ended higher on last day’s trading session at Rs.3624 for May contract up by 0.82%. On the other hand, negative movement was noticed on CBOT platform where May futures ended at 1497.75 levels down by 0.62%.

NCDEX soybean futures surged sharply higher on 4th consecutive trading session on account of lower arrivals in major mandis of Madhya Pradesh which is a major producing state of soybean in India coupled with strong export demand of domestic soy meal from Iran and Japan.

As per US sowing and planting progress report, soybean plantation was 12% as compared to 13% forecast. Lower global ending stocks as lower production estimates of South America (Brazil and Argentina) coupled with strong demand for soybean from China.

Mustard Seed Trading Ideas

RM seed trading range for the day is 4031-4165. Market is looking to take support at 4070.7, a break below could see a test of 4031.3 and where as resistance is now likely to be seen at 4137.7, a move above could see prices testing 4165.3.

Mustard seed yesterday traded with the positive node and settled 1.31% up at 4110 on fresh buying by the traders on the back of firm demand in the spot markets amid limited arrivals from the fresh crop.

The total arrivals of mustard seed increased by 10,000 bags at 2.10 lakh bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged up by 71.25 rupee to 4017.5 rupees per 20 kgs. 

Limited arrivals of the mustard seed were noticed in the markets. Arrivals for entire Rajasthan were about at previous day levels of about 75,000 bags. (1 bag = 1 quintal).  

Ref Soy Oil Trading Ideas For The Day

Ref soy oil trading range for the day is 771.93-781.43. Market is looking to take support at 773.5, a break below could see a test of 771.9 and resistance is likely to be seen at 778.3, a move above could see prices testing 781.4.

Soy oil prices ruled steady in yesterday’s trading session. May futures soy oil prices traded flat at Rs.782.5 at previous levels. However, CBOT May futures ended higher at 55.03 levels up by 0.4%. 

Soy oil prices are looking less bearish in comparison to soybeans, as there are no reports of fresh demand for the edible oil in the current scenario.

At the Indore spot market soy oil edged down by -2.85 rupee to 768.9 rupees 10 kgs. In yesterday's trading session Ref soy oil has touched the low of 775.1 after opening at 776.1, and finally settled at 775.1. 

Oil seed complex are expected to trade higher due to supply shortage of global oil seeds coupled with strong demand from China. Strong export demand of domestic soy meal coupled with lower domestic production estimates of RM seeds are also in favour of the bulls.