Soyabean on NCDEX settled down -1.17% at 3122 on expectation of higher supply in global market. As per Farm Futures survey of growers in US, farmers are expected to plant 90.5 million acres of soybeans this spring, topping the record high set last year by about 7 million acres. International Grain Council (IGC) hiked world soybean production by 6% for the current oil period 2016-17 (Oct-Sep) on robust harvest in major bean growers. World soybean output is expected to rise to 334.2 million tons compared to 315.7 million tons estimated for 2015-16 period, IGC said in its grain market report. IGC expects world soybean closing stockpiles for 2016-17 at 35.4 million tons compared to 33.9 million tons in the same period a year ago. With this total supply of the bean for the current oil year is expected to be at 368 million tons compared to 352.9 million tons estimated for the same period a year ago. IGC also raised its soybean production forecast for India, the world's fifth biggest bean producer, to 11.5 million tons compared to 8.6 million tons estimated for 2015-16. India's soymeal exports in 2016/17 are likely to jump to three-year highs as a sharp price correction due to a rebound in soybean production makes overseas sales competitive, said industry officials. Technically market is under fresh selling as market has witnessed gain in open interest by 0.08% to settled at 155740 while prices down -37 rupee, now Soyabean is getting support at 3110 and below same could see a test of 3098 level, And resistance is now likely to be seen at 3142, a move above could see prices testing 3162.

Trading Ideas:

Soyabean trading range for the day is 3098-3162.

Soyabean prices dropped on expectation of higher supply in global market.

IGC hiked world soybean production by 6% for the current oil period 2016-17 (Oct-Sep) on robust harvest in major bean growers.

NCDEX accredited warehouses soyabean stocks gained by 867 tonnes to 164051 tonnes.

At the Indore spot market in top producer MP, soybean dropped -25 rupee to 3117 rupee per 100 kgs.