Soyabean yesterday settled down -1.3% at 2996 due to strong sowing acreage in the current year along with weak demand of soyameal in export market. As per the latest release from Ministry of Agriculture, the total sowing acreage of soyabean reported at 117 lakh hectares against 101.50 lakh hectares in the same time last year. This is mainly due to strong sowing in both Madhya Pradesh and Rajasthan. Active buying at the time when markets are witnessing low supplies has boosted the prices. Buying improved due to good overseas enquiries for soymeal and hopes of better soyoil demand this month due to festivals. Also, slight damage to standing crop in some areas of Madhya Pradesh and Maharashtra is supporting the bullish sentiment. Arrivals of soyabean in Madhya Pradesh state dropped by 5000 bags of 100kg each to 25000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 4000 bags of 100kg each to 8000 bags of 100kg each. Soybean supplies have reduced to half due to heavy and incessant rains in Madhya Praesh and other growing states. Also, many believe some harm to the standing soybean crop is likely due to unfavourable weather in growing regions. Sources feel standing soybean crop need open weather and sunlight with immediate effect. The total exports of soyameal also declined sharply in the current month. At the Indore spot market in top producer MP, soybean gained 29 rupee to 3569 rupee per 100 kgs. Now Soyabean is getting support at 2960 and below same could see a test of 2923 level, And resistance is now likely to be seen at 3048, a move above could see prices testing 3099.

Trading Ideas:

Soyabean trading range for the day is 2924-3100.

Soyabean dropped due to strong sowing acreage in the current year along with weak demand of soyameal in export market.

The total sowing acreage of soyabean reported at 117 lakh hectares against 101.50 lakh hectares in the same time last year.

Arrivals of soyabean in Madhya Pradesh state dropped by 5000 bags of 100kg each to 25000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean gained 29 rupee to 3569 rupee per 100 kgs.