With Bumper Crop, Soybean Slips Marginally

Published 05/24/2012, 03:05 AM
Updated 05/14/2017, 06:45 AM

Soybean trading range for the day is 3172-3404. Kedia Commodities research indicate support for soybean is at 3219 below that could see a test of 3172. Resistance is now seen at 3335 above that could see a resistance of 3404. Market has opened at 3358 and made a low of 3242 versus the day high of 3358. The total volume for the day was at 136080 lots and the open interest was at 96040.

Soybean yesterday moved -3.09% on higher sowing acreage from the producing regions and on tracking poor global cues.

CME soybeans came back from earlier losses to close lower by 19-24 cents. The chance of rain in the forecast eased concerns about uneven emergence, which depressed the sentiment report by India Infoline.

NCDEX June soybean futures fell sharply and hit lower circuit of 3% on Wednesday on account of weak overseas market as record soybean sowing progress in USA. US farmers had planted 76 % of the soybeans till May 20, 2012 amid favorable weather conditions. USA is a major producer of soybean which contributes about one third of global output.

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