Soyabean on NCDEX settled up by 0.49% at 3473 on short covering after prices dropped tracking reports of better production and yield due to good monsoon in the country. The crop is reportedly in a good condition across the key growing belts of Madhya Pradesh, Maharashtra and Rajasthan, with some exception in the low lying aeas of Madhya Pradesh where heavy downpour in few pockets during the week have raised the crop concern. However, rains are needed in key soy growing belts in Maharashtra as dry spell for last 15 days have lead to moisture stress.
Technically market is under short covering as market has witnessed drop in open interest by -4.65% to settled at 55990 while prices up 17 rupee, now Soyabean is getting support at 3451 and below same could see a test of 3429 level, and resistance is now likely to be seen at 3497, a move above could see prices testing 3521.
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