Ncdex soyabean Market Update

Soyabean settled up by 0.28% at 3235 on improvement in demand from China and on supply worries from United States. China January-August soybean imports 52.4 million tons, up 9.8% on year while August soybean imports 7.78 million tons, up 29% on year, government data showed. USDA trimmed its forecast for 2014-15 US soybean ending stockpiles to 450 million bushels compared to 470 million bushels in the previous month and 210 million bushels a year ago. 

Reviewing the current market situation of India, ongoing harvest season and bearish cues from September 11 USDA report shall be seen as bearish price driver for domestic soybean. 

Despite the fact mentioned above, some support will be observed from reports of below monsoon performance this month, and rising possibility of hike in custom duty on edible oil imports. Sources say that this year's monsoon could end up as among the worst three in nearly three decades. U.S. oilseed production for 2015/16 is projected at 116.1 million tons, up 0.7 million from last month on increased soybean, cottonseed, and peanut production. 

Similarly, US Soybean production is forecast at 3,935 million bushels, up 19 million due to a higher yield forecast. The 2015/16 U.S. season-average soybean price is projected at $8.40 to $9.90 per bushel, unchanged from last month.
At the Indore spot market in top producer MP, soybean gained 16 rupee to 3357 rupee per 100 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 2.99% to settled at 52070 while prices up 9 rupee, now Soyabean is getting support at 3217 and below same could see a test of 3200 level, And resistance is now likely to be seen at 3252, a move above could see prices testing 3270.


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