NCDEX Soybean has resistance at Rs 3207.5: Fortune Fin

Fortune Financial Services has come out with its report on Soy Oil and Soybean. According to the research firm, NCDEX Soybean future contract is expected to remain Positive on chart, traders are advised to buy and intraday resistance is seen near Rs 3182.00-3196.00-3207.50. Intraday support is seen near Rs 3156.50-3145.00-3131.00.

Soyoil futures contracts ended down over 1percent on the National Commodity and Derivatives Exchange today due to rising supply of imported oils coupled with firm rupee against the dollar. Market is expecting that after record 1.17 mln tn imports in January, edible oil imports in the current month will also be very high, oil importer, estimating February imports around 0.9 mln tn.  Today, the rupee ended off highs at 53.82 per dollar, but still up 0.06percent from Tuesday's close. Firm rupee makes dollar-denominated imported goods like edible oils cheaper in the domestic market.  Refined soyoil prices in Indore were at 725-735 rupees per 10 kg from 729-735 rupees on Tuesday.  Weakness in soy complex on the Chicago Board of Trade also weighed on domestic edible oil prices.  Crude palm oil futures on MCX ended sharply down tracking the 2.3percent decline in benchmark Malaysian prices under pressure from CBOT soyoil.

Soybean was auctioned at 3,150-3,200 rupees per 100 kg at Indore, while plant-delivery soybean was quoted at 3,240-3,300 rupees, both down 10 rupees from Tuesday, Despite low prices, arrivals increased today as farmers and traders offloaded their stock ahead of bumper harvests of mustard, chana and wheat in the coming weeks. Arrivals in Madhya Pradesh rose to 110,000-120,000 bags of 100 kg each, compared with around 100,000 bags Tuesday. Arrivals in Maharashtra were steady at 60,000 bags, while the same in Rajasthan increased to 25,000 bags.  Soybean futures on NCDEX also slipped tracking overnight fall and weakness on e-CBOT today as rising pressure of bumper supply in South America and the absence of Chinese traders in the international market dragged prices lower.

NCDEX Soy Oil future contract is expected to remain Positive on chart, traders are advised to buy and intraday resistance is seen near 701.43 , 706.62 & 710.38 . Intraday support is seen near 692.48 688.72 & 683.53.  

NCDEX Soy bean future contract is expected to remain Positive on chart, traders are advised to buy and intraday resistance is seen near 3182.00 , 3196.00 & 3207.50 . Intraday support is seen near 3156.50 3145.00 & 3131.00.

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