Agri-Commodity Update 13th February -2020

Agri-Commodity Update 13th February -2020


Fundamental Aspect:

Higher global soybean output estimated in 2019-20 depressed soybean prices on the CBOT. The US Department of Agriculture has scaled up its estimate for global soybean output in 2019-20 to 339.4 mln tn from 337.7 mln tn in January. Snapping a four-day-long losing streak, the most-active March soybean contract on the National Commodity and Derivatives Exchange rose due to improved demand at lower price level, analysts said. Soybean had hit near a four-month low of 3,856 rupees per 100 kg on Tuesday.

Source: Cogencis

Technical Aspect

Rmseed (April)

Support seen at 3970 while Resistance is 4070.

Break and sustain above 4070 will take it to 4150—4200 mark or else it can touch its resistance level of 3970 again.

Buy it on dips!

Trade with levels only.

Dhaniya (April)

Dhaniya has its support at 6180 and resistance 6300.

Break and sustain above 6300 will see a rise till 6450---6600 levels or else it can touch its support level of 6180 again.

Buy it on dips!

Trade with levels only!

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Tags:Agri Commodity

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