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Soybeans Could Be Bitten By Bears In The Short Term

By  |  Commodities  |  May 15, 2012 09:00AM GMT  |   Add a Comment
www.investing.com/analysis/soybeans-could-be-bitten-by-bears-in-the-short-term-123199
Soybeans Could Be Bitten By Bears In The Short Term
By   |  May 15, 2012 09:00AM GMT
 
Soybean trading range for the day is 3181-3429. Support for Soyabean is at 3222 below which could see a test of 3181. Resistance is now seen at 3346 above that could see a resistance of 3428. At the Indore spot market in top producer MP, Soybean dropped 44 Rs to 3357 Re per 100 kgs. Market has opened at 3387 and made a low of 3263.5 versus the day high of 3387. The total volume for the day was at 185160 lots and the open interest was at 115710.

e-CBOT platform Soybean prices for the July futures are trading lower at 1388.25 cents up by 0.11%, this morning. With improved weekly export sales in the US Soybeans the Soybeans prices have moved up report by Karvy Commtrade.

NCDEX May Soybean futures traded lower and settled (down 2.13%) on account of lower demand at prevailing prices and speculative selling pressure in anticipation of higher sowing acreage of Soybean globally due to better realization.

Soyabean yesterday moved -3.99% on selling pressure by the traders on subdued spot demand along with higher global sowing acreage. As per the ministry's crop supply agency Conab, Soybean crop would reach 66.7 million tonnes, up 1.1 million tonnes from the agency's April estimate of 65.6 million tones.
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