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Support For Soybean At 3335

ByCommodityOnline
Published 05/31/2012, 02:40 AM
Updated 05/14/2017, 06:45 AM

Soybean trading range for the day is 3297-3447. Support for soybean is at 3335 below that could see a test of 3297. Resistance is now seen at 3410 above that could see a resistance of 3447. Market has opened at 3360 and made a low of 3333 versus the day high of 3408. The total volume for the day was at 97040 lots and the open interest was at 64260.

Soybean yesterday moved 0.3% on thin domestic supplies and expectations a weaker rupee would boost soymeal exports.

NCDEX June soybean futures traded higher on 3rd consecutive trading sessions on account of short covering domestic supply shortage coupled with depreciation of Indian rupee against US dollar.

Refined soy oil trading range for the day is 729.62-741.52. Market is looking to take support at 732.5, a break below could see a test of 729.6 and resistance is now likely to be seen at 738.4, a move above could see prices testing 741.5.

Ref soy oil yesterday traded with the negative node and settled -0.23% down at 735.35 as a drop in overseas prices outweighed the depreciating rupee. In yesterday's trading session ref soyoil has touched the low of 732.7 after opening at 734, and finally settled at 735.35.

NCDEX June soy oil futures traded higher in the morning hours, but higher prices could sustain and came under selling pressure from at higher levels due to profit taking after sharp rise in the last 2 trading sessions. However, for medium-term perspective, oil prices are expected to trade higher as improved demand of Edible oil globally ahead of Muslim fasting month of Ramadhan.

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