Soyabean prices settled flat as sluggish demand for soymeal in export markets, capped some gains in soyabean prices. Timely planting and sufficient rains through most of July in the major grain producing states is likely to support MY 2015/16 Kharif grain production prospects. However, sufficient rains throughout August and September will be critical for achieving forecast normal yields. The inputs provided by the USDA report on August 12 were negative and had pressured price levels of US soy complex on the same day. Overall, the global supply outlook for soybeans in 2015/16 remains positive, notwithstanding the recent downward revisions. Kharif planting is likely to be over by mid-August in most areas, excepting for some rice production areas in southern India. However, deficient monsoon rains over the next two weeks in western and peninsular regions could affect the production prospects, particularly for coarse grains and pulses in the rainfed areas. Further dry weather in the southern peninsula may also affect rice planting in Andhra Pradesh and Tamil Nadu, where transplanting continues through early September. Nearly 50% soyabean sowing has been completed in Madhya Pradesh until now thanks to good start of monsoon rains, said Soybean Processors Association of India (SOPA). Technically market is under fresh selling as market has witnessed gain in open interest by 4.23% to settled at 55140 while prices down -1 rupee, now Soyabean is getting support at 3104 and below same could see a test of 3085 level, And resistance is now likely to be seen at 3151, a move above could see prices testing 3179.

Trading Ideas:

Soyabean trading range for the day is 3085-3179.

Soyabean prices settled flat as sluggish demand for soymeal in export markets, capped some gains in soyabean prices.

However, sluggish demand for soymeal in export markets, capped some gains in soyabean prices.

However, sufficient rains throughout August and September will be critical for achieving forecast normal yields.

At the Indore spot market in top producer MP, soybean gained 1 rupee to 3381 rupee per 100 kgs.