Commodity Trading Tips for Soyabean by KediaCommodity

Soyabean yesterday we have seen that market has moved 1% as traders bought at lower levels onexpectations of a pick-up in export demand. U.S. farmers will cutsoybean acres by 1 percent to 76.609 million, the USDA said. The nation is estimated to represent 35 percent of the global harvest of the oilseed, USDA data last month showed. Inventories as of March 1 dropped 1.7 percent from a year earlier to 1.249 billion bushels, the USDA said. At the Indore spot market in top producer MP, soybean gained 24 Rs to 2343Re 100 kgs. Market has opened at 2370 & made a low of 2362 versus the day high of 2394. The total volume for the day was at 55570 lots and the open interest was at 103960.Support for soyabean is at 2367 below that could see a test of 2348. Resistance is now seen at 2399 above that could see a resistance of 2412.

Trading Ideas:

Soyabean trading range is 2349-2413.

Soyabean gained due to buying at lower levels on expectations of a pick-up in export demand

Soyabean is taking resistance at 2399 and support is seen at 2367.

U.S. farmers will cut soybean acres by 1 percent to 76.609 million, the USDA said

At the Indore spot market in top producer MP, soybean gained 24 Rs to 2343Re 100 kgs.

(Source: http://www.topnews.in/commodity-trading-tips-soyabean-kediacommodity-2321138)