Soyabean settled down by -0.66% at 3140 amid profit booking and on higher supply of the crop from United States. The 4th estimate released by the GOI indicated lower than the estimated production for Indian soybean. The inputs provided by last midweek's USDA report were negative which pressured price levels of US soy complex on the midweek. USDA's August WASDE release had indicated higher soybean yield estimates, which shocked the markets and sent soybean futures sharply lower few days back. United States department of agriculture (USDA) rose 2015-16 United States soybean production forecast while hiked its forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report. The USDA hiked US, the world's biggest bean grower, 2015-16 production estimates to 106.6 million tons compared to 105.7 in the previous month estimates and 108 million tons a year ago. USDA hiked its forecast for 2014-15 US soybean ending stockpiles to 470 million bushels compared to 425 million bushels in the previous month and 240 million bushels a year ago. Kharif sowing has been completed over 89.08 million hectare as against the normal (average of 5 years) acreage of 10.53 million hectare thanks to above normal rains in June, said a senior official of agriculture ministry official. At the Indore spot market in top producer MP, soybean gained 5 rupee to 3414 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 2.03% to settled at 52690 while prices down -21 rupee, now Soyabean is getting support at 3121 and below same could see a test of 3101 level, And resistance is now likely to be seen at 3163, a move above could see prices testing 3185.

Trading Ideas:

Soyabean trading range for the day is 3101-3185.

Soyabean prices ended with losses amid profit booking and on higher supply of the crop from United States.

The 4th estimate released by the GOI indicated lower than the estimated production for Indian soybean.

NCDEX accredited warehouses soyabean stocks dropped by 1002 tonnes to 531 tonnes.

At the Indore spot market in top producer MP, soybean gained 5 rupee to 3414 rupee per
100 kgs.