Agri Commodity Update (10th February 2020)
10/2/2020

Agri Commodity Update (10th February 2020)

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Fundamental Aspect:

U.S. export sales of soybeans to China fell to their lowest in nearly five months amid concerns about the spread of the deadly coronavirus denting demand from the world's top buyer of the oilseed.

The export sales to China totaled just 31,523 tonnes in the week ended Jan. 30, according to a weekly U.S. Agriculture Department report released on Thursday morning. That was the lowest since the week ended Sept. 5 when China's net sales came in at -2,727 tonnes due to cancellations of previously booked deals.

The most recent report also showed that unknown countries canceled sales totaling 238,800 tonnes of soybeans.


Source: agriculture.com



Technical Aspect



Soybean (March)
Image result for Soybean

Soybean has its support at 3990 and resistance 4070.

Break and sustain below 3990 will see a fall till 3900---3850 levels or else it can touch its resistance level of 4070 again.

Sell on rise!

Trade with levels only.



Guarseed (March)

Image result for Guarseed

Guarseed has its support at 3880 and resistance is seen at 3960.

Break and sustain below 3880 will see a fall till 3800---3750 levels or else it can touch its resistance level of 3960 again.

Sell it on rise!

Trade with levels only.



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Tags:Agri Commodity

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