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Soybean Trading Range: Now 3244-3438

ByCommodityOnline
Published 05/30/2012, 04:07 AM
Updated 05/14/2017, 06:45 AM

oybean trading range for the day is 3244-3438. Support for Soyabean is at 3299 below that could see a test of 3244. Resistance is seen at 3395 above that could see a resistance of 3437.

Soyabean yesterday moved 2.23% aided by overseas gains on dry weather in U.S. Midwest, depleting arrivals in the local market and a weak rupee. Market has opened at 3295 and made a low of 3286.5 versus the day high of 3383. The total volume for the day was at 116490 lots and the open interest was at 66180.

CME Soybeans closed higher but finished about 14cents off the intraday high. On the weather front, a cool front is expected to bring widespread rainfall into the Corn Belt over the next several days and that pushed prices down from the highs.

NCDEX June Soybean futures surged sharply higher and hit upper circuit of 3% on account of short covering and fresh buying was witnessed at lower levels. Firm overseas market coupled with lower supply of domestic Soybean also provided support to the prices.

Ref Soyoil trading range for the day is 730.57-741.67. Market is looking to take support at 733.1, a break below could see a test of 730.6 and resistance is likely to be seen at 738.6, a move above could see prices testing 741.7. In yesterday's trading session Ref Soyoil has touched the low of 733.6 after opening at 734.4, and finally settled at 735.6.

NCDEX Refined SoyOil settled up by more than 0.50 percent because of strong global market and also is likely to gain up to 745 on higher side.

Ref Soyoil yesterday traded with the positive node and settled 0.6% up at 735.6 due to lower stocks in the domestic markets coupled with weak INR that is making imports of vegetable oil costlier and gives more return on Soy meal exports.

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