Monday, 18 January 2016

SOYABEAN NEWS TODAY INDIA

Soyabean settled down -0.76% at 3764 on profit booking after prices gained on supply worries in global market and on improvement in demand from China. Speculation over lower supply from US and Brazil and higher China imports supported the bean prices. Prices of the bean were supported after United States Department of Agriculture (USDA) trimmed 2015-16 United States soybean production forecast and also cut its forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report. USDA maintain US, the world's biggest bean grower, 2015-16 production estimates to 107 million tons compared to 108.4 million tons in the previous month estimates and 106.9 million tons a year ago.

Trading Ideas:
Soyabean trading range for the day is 3698-3868.
Soyabean prices ended with losses on profit booking after prices gained on supply worries in global market
USDA also its forecast for 2015-16 US soybean ending stockpiles to 440 million bushels compared to 465 million bushels in the previous month.
NCDEX accredited warehouses soyabean stocks dropped by 1013 tonnes to 67238 tonnes.
At the Indore spot market in top producer MP, soybean gained 16 rupee to 3763 rupee per 100 kgs.

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