Soybean: NCDEX

Soybean: NCDEX November soybean futures traded slightly higher in the last week and breached the three week’s high on account of firm overseas market due to improved demand in the domestic market from stockists and solvent extractors due to better export order of domestic soy meals provided support to the prices. Additionally, there were thin arrivals in the last weak due to festivals (Dussehra). As per USDA’s net weekly export sales report, net export sales for soybean came at 522,200 tonnes for the current marketing year and none for the next marketing year. As of October 18th, cumulative soybean sales stand at 73% of the USDA forecast for current marketing year vs. a 5 year average of 50%. Total net meal sales came in at 176,600 tonnes and total net oil export sales reported at 12,000 tonnes. Outlook for this week: Soybean is expected to trade slightly higher on account of improved demand of soybean in the domestic market from stockists and solvent extractors due to increased export order soy meal are supportive for prices. NCDEX November Soybean shall find a support at 3300/3200 levels and Resistance 3435/3525 levels. Recommendation for this week: Buy NCDEX November Soybean between 3300-3320, SL-3190 and Target- 3435/3520.