Soyabean yesterday settled up 0.69% at 3559.5 due to possible delay in new crop in major producing states and strong demand of soyameal in local mandies. The prices of soyabean received strong stockiest demand due to possible delay in soyabean crop in Madhya Pradesh. Traders mentioned that strong rainfall in major soyabean growing belt of Madhya Pradesh will impact the harvesting of the crop in the current year. They also stated that heavy rainfall during the harvesting stage of the crop will also reduce the overall productivity of the crop. Therefore, the spot prices of soyabean at Indore mandi increased by Rs 80 per quintal to currently trade at around Rs 3650 per quintal. Similarly, strong gains were also seen in soyameal market in today's trade. The spot prices were influenced by some bargain buying by exporters to meet their forward deals along with some stocking by traders and feed millers. Arrivals of soyabean in Madhya Pradesh state gained by 10000 bags of 100kg each to 50000 bags of 100kg each. Arrivals of soyabean in Maharashtra state gained by 10000 bags of 100kg each to 30000 bags of 100kg each. The total sown area under soybean is reported at 12.13 mn hectares higher when compared to 10.64 mn hectares during the same period last year, according to the data released by the Ministry of Agriculture last week. At the Indore spot market in top producer MP, soybean gained 49 rupee to 3826 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 3.57% to settled at 75920 while prices up 24.5 rupee, now Soyabean is getting support at 3524 and below same could see a test of 3489 level, And resistance is now likely to be seen at 3591, a move above could see prices testing 3623.

Trading Ideas:

Soyabean trading range for the day is 3487-3621.

Soyabean ended with gains due to possible delay in new crop in major producing states and strong demand of soyameal in local mandies.

The prices of soyabean received strong stockiest demand due to possible delay in soyabean crop in Madhya Pradesh.

Soybean cultivation took up 12.18 million hectares in India compared with 10.64 million hectares a year earlier

At the Indore spot market in top producer MP, soybean gained 49 rupee to 3826 rupee per 100 kgs.