Soyabean on NCDEX settled down by -0.19% at 3153 tracking weakness in spot demand and overseas prices on pressure from expectations the U. S. government will further increase its production estimate in next week's supply-demand report. The market is positioning ahead of the U. S. Department of Agriculture (USDA) Nov. 9 supply and demand reports, which will include updated forecasts of the U. S. soybean crops that are already projected as the largest on record. The USDA said the U. S. soybean harvest was 87 percent completed, ahead of the five-year average of 85 percent. China's steady growth in soybean imports is slowing, and the rest of the world's growth rate could outpace that of the Asian country for the first time since 1995. After many years, the central government had again directed its agencies to purchase soybean directly from farmers at the Minimum Support Price (MSP), with prices having crashed in many markets of Maharashtra. The Centre has fixed a soybean MSP of Rs 2,775 a quintal, including a bonus of Rs 100. For groundnut, Rs 4,220 a qtl, with the same bonus, for the 2016-17 kharifmarketing season; it is presently Rs 3,500-3,600. A bumper harvest, along with sharp drop in soy seed demand due to a global slump in prices and a record drop in meal exports, have hit farmers hard. Soymeal exports dropped 44 per cent to 421,741 tonnes during April-September, first six months of this financial year, from the same period last year. At the Indore spot market in top producer MP, soybean dropped -22 rupee to 3052 rupee per 100 kgs. Technically now Soyabean is getting support at 3140 and below same could see a test of 3126 level, And resistance is now likely to be seen at 3163, a move above could see prices testing 3172.

Trading Ideas:

Soyabean trading range for the day is 3126-3172.

Soyabean dropped tracking weakness in spot demand and overseas prices on pressure from expectations the U. S. government.

The USDA said the U. S. soybean harvest was 87 percent completed, ahead of the five-year average of 85 percent.

NCDEX accredited warehouses soyabean stocks gained by 1897 tonnes to 21475 tonnes.

At the Indore spot market in top producer MP, soybean dropped -22 rupee to 3052 rupee per 100 kgs.