Soyabean settled up 2.26% at 3399.5 on low supplies and heavy rains in growing areas. Many feel rains may damage crop in some areas. According to IMD Bhopal, rains and thudershowers are likely throughout the state in the next 24 hours. Supplies are low due to festive season and may remain low till Janmashtmi. Soyabean prices in Nagpur APMC firmed up on good demand from local crushing plants amid weak supply from producing regions because of rains. The market participants of the international market are keeping a close watch on the lower-than-expected yield findings from a widely watched crop tour. Arrivals of soyabean in Maharashtra state gained by 7000 bags of 100kg each to 17000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 10000 bags of 100kg each to 16000 bags of 100kg each. At the spot market, soybean prices are firm in Indore mandi on better buying support against poor availability's. About five dollar per ton hike in American soymeal prices showed its effects in Vidarbha. The strong demand was mainly due to weak supplies in local mandies. The market data revealed that the overall arrivals of the soyabean have been reduced to 0.40-0.50 lakh bags , down 10-15% from the last week. This is mainly due to lack of market participation of farmers at lower levels. At the Indore spot market in top producer MP, soybean gained 45 rupee to 3701 rupee per 100 kgs. Technically market is under short covering as market has witnessed drop in open interest by -0.07% to settled at 80220 while prices up 75 rupee, now Soyabean is getting support at 3359 and below same could see a test of 3319 level, And resistance is now likely to be seen at 3441, a move above could see prices testing 3483.

Trading Ideas:

Soyabean trading range for the day is 3318-3482.

Soybean gained on low supplies and heavy rains in growing areas. Many feel rains may damage crop in some areas.

Soyabean in Nagpur firmed up on good demand from local crushing plants amid weak supply from producing regions

NCDEX accredited warehouses soyabean stocks dropped by 31 tonnes to 10 tonnes.

At the Indore spot market in top producer MP, soybean gained 45 rupee to 3701 rupee per 100 kgs.