Monday, 7 December 2015

Soyabean Market Update

Soyabean settled down -0.34% at 3770 on weak demand for Indian soymeal in export market. India soymeal exports in the month of December plunged 91.95% from a year earlier on higher prices of the soybean in the local market, data released from Solvent Extractors Association of India (SEA) showed. Soybean oilmeal exports dropped to 8,909 tons in November compared to 110,806 tons for the corresponding period a year earlier, data from SEA of India showed.

Meanwhile, export of soybean meal is at a historical low during current year and reported 55,889 tons during the first eight months of the financial year 2015-16 compared to 250,904 tons in the previous year. Prices were also down on weak demand after USDA weekly export sales reported fall in net sales for 2015-16 by 35% to 1.17 million tons on week and 18% fall from 4-week average. India soymeal exports in the month of October dropped 85.42% from a year earlier on higher prices of the soybean in the local market, data released from Solvent Extractors Association of India (SEA) showed.


Trading Ideas:
Soyabean trading range for the day is 3708-3844.
Soyabean prices ended with losses on weak demand for Indian soymeal in export market.
India soymeal exports in the month of December plunged 91.95% from a year earlier on higher prices of the soybean in the local market.
NCDEX accredited warehouses soyabean stocks gained by 3212 tonnes to 48419 tonnes.
At the Indore spot market in top producer MP, soybean dropped -42 rupee to 3701 rupee per 100 kgs.




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