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FUNDAMENTAL OUTLOOK
SOYBEAN (JUL)
Contract Support Resistance Soybean July futures at NCDEX ended higher tracking higher spot prices amid increased buying by millers despite of higher arrivals. A Soybean 3700-3625 3850-3965 likely pause in monsoon progress also supported the mild recovery. JUN Futures CBOT ended down at night on profit booking over previous gains. Soymeal export for the month of May is lower at 96,492 Tons vs. 1,42,588 Tons a year ago. Spot prices ended higher where the mandi prices closed up by Rs 80 at 3,730-3,800/Q and plant delivery closed Rs 20 higher at 3,820-3,880/Q from Wednesday. Soybean future is likely to trade in range with downside limited on likely pause in monsoon progress together with near term supply deficit in USA but the extent of upside looks limited on lower soymeal export data for May month.
TECHNICAL OUTLOOK
Soybean fut tacking support at 38.2% of retracement and also holding above moving averages indicating positive outlook. Immediate resistance is at 3850 and support is 3700.
Price will be in range bound between 3850-3700, breakout level can give the clear the view.
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JEERAUNJHA
NCDEX 19-JUL
JEERA
RS/3MT
13210
+120
CHARJDDEL
NCDEX 19-JUL
CHANA
RS/ 10MT
3219
3222
3289
3188
3218
+1
+41010
SYBEANIDR
NCDEX 19-JUL
SYOBEAN
RS/ 10MT
3655
3656
3807
3646
3772
+117
-7810
SYOREFIDR
NCDEX 19-JUL
SYOREF OIL
RS / 10MT
689.25
690.5 695.05
687
689.80 +0.55
+4940
DHANIYA
NCDEX 19-JUL
DHANIYA
RS/ 5MT
6643
6642
6875
6572
6820
+177
+6930
RMSEED
NCDEX 19-JUL
RMSEED
RS/ 10MT
3517
3523
3560
3511
3541
+24
+28410
TMCFGRNZM
NCDEX 19-JUL
TURMERIC
RS/ 5MT
5850
5820
5832
5552
5610
-240
+10015
CHLL334GTR
MCX
19-JUL
CHILLI
RS/ 5MT
5802
5800
5920
5580
5992
+190
+7975
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DESCLAIMER
Commodity trading involves high risk and one can lose Substantial amount of money. The recommendations made herein do not constitute an offer to sell or solicitation to buy any of the Securities mentioned. No representations can be made that recommendations contained herein will be profitable or they will not result in losses. Readers using the information contained herein are solely responsible for their actions. The information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy and completeness. The above recommendations are based on FUNDAMENTAL ANALYSIS only.
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