Soyabean yesterday settled up 3.15% at 2981 tracking firmness in spot demand on concerns that heavy rainfall in central India could damage soybean crop. Supplies have reduced to half due to rains which is supporting the prices. Also, fear of loss to crop prevails in the domestic markets due to incessant rains the growing areas. As of now, the crop is in good condition but open weather and sunlight are needed immediately. State-wise the reported damages are not significant by now but situation can be different if crop does not get open weather in the coming days. Arrivals of soyabean in Maharashtra state dropped by 5000 bags of 100kg each to 10000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 3000 bags of 100kg each to 8000 bags of 100kg each. Similarly, the total exports of soyameal also declined sharply in the current month. The latest data compiled by the Solvent Extractors' Association of India (SEA of India ), the mustard meal exports during June 2013 is reporting at 0.96 lakh tonnes compared to 1.42 lakh tonnes in June 2013 i. e. down by 32.30%. India's soymeal exports during April-June period drastically reduced to 409,507 tons from 637,407 tons, according to the data released by the Solvent Extractors' Association of India (Sea of India). In the United States, soybean is expected to be sown in an area of 77.728 mn acres this year, according to the US Department of Agriculture. At the Indore spot market in top producer MP, soybean gained 22 rupee to 3271 rupee per 100 kgs. Now Soyabean is getting support at 2897 and below same could see a test of 2814 level, And resistance is now likely to be seen at 3026, a move above could see prices testing 3072.

Trading Ideas:

Soyabean trading range for the day is 2813-3071.

Soyabean ended higher on concerns that heavy rainfall in central India could damage soybean crop.

Supplies have reduced to half due to rains which is supporting the prices.

Arrivals of soyabean in Maharashtra state dropped by 5000 bags of 100kg each to 10000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean gained 22 rupee to 3271 rupee per 100 kgs.