Monday, 2 November 2015

NCDEX TIPS-- SOYABEAN MARKET UPDATE

Soyabean settled down -2.23% at 3909 on hope of higher supply in domestic and on weak demand for Indian soymeal in export market. 
According to the Central Organization for Oil Industry & Trade (COOIT) soybean area under cultivation for the year 2015-16 is estimated to stood at 11.6 million tons compared to 10.9 million tons for the same period a month ago. 
India soymeal exports during Apr-Sep dropped 61.50% from a year earlier on higher prices of the soybean in the local market, data released from Solvent Extractors Association of India (SEA) showed. Brazil, the world's third biggest soybean producer, 2015-15 output rose to 100 million tons compared to 97 million tons in previous month and compared to 106.9 million tons a year ago, the USDA said.
Trading Ideas:
Soyabean trading range for the day is 3836-4016.
Soyabean prices dropped on hope of higher supply in domestic and on weak demand for Indian soymeal in export market.
Brazil’s 2015-15 output rose to 100 million tons compared to 97 million tons in previous month and compared to 106.9 million tons a year ago, USDA said.
NCDEX accredited warehouses soyabean stocks gained by 132 tonnes to 8434 tonnes.
At the Indore spot market in top producer MP, soybean dropped -55 rupee to 3734 rupee per 100 kgs.

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