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Soybean Trading Within The 3224-3322 Range

ByCommodityOnline
Published 05/28/2012, 04:54 AM
Updated 05/14/2017, 06:45 AM

Soybean trading range for the day is 3224-3322. Support for Soyabean is at 3241 below that could see a test of 3224. Resistance is now seen at 3290 above that could see a resistance of 3321.

CME soybeans uncovered underlying support on Friday as selling in the broad commodity markets stabilized and weather forecasts raise concerns with hot and dry Memorial Day weekend to be followed by mixed forecasts for rains next week.

Soybean yesterday -0.28% due to profit booking after prices gained due to tight supplies on production cut in Argentina and Brazil, while prices are likely to drop in 2012-13 on higher production.

Ref soy oil trading range for the day is 724.75-729.95. Market is looking to take support at 725.5, a break below could see a test of 724.4 and resistance is now likely to be seen at 728.1, a move above could see prices testing 729.6. Ref soy oil has touched the low of 725.9 after opening at 728.3, and finally settled at 726.65.

Ref soy oil yesterday traded with the positive node and settled 0.18% up at 726.65 tracking gains in spot market demand with gains in the global market supporting sentiment.

Soyoil prices have moved up in the last trading session. June future soy oil prices were higher at Rs.727.65 up by 0.2%. Similarly, CBOT July futures ended higher at 50.56 levels up by 1.4% report by Karvy Commtrade.

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