Commodity Trading Tips for Soyabean by KediaCommodity

Soyabean yesterday we have seen that market has moved -0.6% but recovered from lows on short covering after yesterday’s sharp falls. Delayed harvesting of Brazil’s crop due to due to continuous rain also favored prices. USDA Outlook Forum estimates called for soybean planted area at 78 million acres as compared with 77.4 million last year. At the Indore spot market in top producer MP, soybean dropped -1 Rs to 2308Re 100 kgs. Market has opened at 2331 & made a low of 2302 versus the day high of 2336. The total volume for the day was at 63030 lots and the open interest was at 152400.Support for soyabean is at 2312 below that could see a test of 2290. Resistance is now seen at 2346 above that could see a resistance of 2358.

Trading Ideas:

Soyabean trading range is 2290-2358.

Soyabean ended down but recovered from lows on short covering

Soyabean is taking resistance at 2346 and support is seen at 2312.

USDA Outlook Forum estimates called for soybean planted area at 78 million acres

At the Indore spot market in top producer MP, soybean dropped -1 Rs to 2308Re 100 kgs.

(Source: http://www.topnews.in/commodity-trading-tips-soyabean-kediacommodity-2319315)