Agri Commodity Update (7th February 2020)

Agri Commodity Update (7th February 2020)


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.


Technical Aspect

Soybean (February)

Soybean has its support at 4090 and resistance 4140.

Break and sustain above 4140 will see a rise till 4200---4250 levels or else it can touch its support level of 4090 again.

Fresh selling can be done on a close below 4090

Trade with levels only.

Guarseed (February)

Guarseed has its support at 3910 and resistance is seen at 3990.

Break and sustain below 3910 will see a fall till 3860---3800 levels or else it can touch its resistance level of 3950 again.

Fresh buying can be seen on a close above 3990.

Trade with levels only.

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Tags:Agri Commodity

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