Soyabean on NCDEX settled down by -0.26% at 3090 tracking the international prices coupled with the good supplies in the domestic physical market. The supplies in the physical market is continue to improve as the demand is steady from the bulk buyers and oil millers. Moreover, higher production estimates by SOPA is keeping pressure on prices this season. Pressure also seen due to weakness in overseas prices on forecasts of dry weather in Argentina's flooded crop areas easing concerns over yield losses. Argentina is expected to experience hot and dry conditions this week. That pattern should allow for flooded regions to dry down more quickly. The Rosario grains exchange cut its forecast for the 2016-17 Argentine soybean crop to 52.9 mt from 54.4 mt previously due to bad weather. The United States department of agriculture (USDA) trimmed 2016-17 United States soybean production forecast for January also cut forecast for ending stockpiles compared to previous month, the department said in its World Agriculture Supply and Demand Estimates report. The USDA expects soybean output in US, the world's biggest bean grower, at 117.2 million tons in January compared to 118.7 million tons in the previous month while higher than 106.9 million tons a year ago. USDA also expects 2016-17 US soybean ending stockpiles to fall to 420 million bushels in January compared to 480 million tons in the previous month while higher than 197 million bushels estimated in the same period a year ago. At the Indore spot market in top producer MP, soybean remains unchanged at 0 rupees to 3081 rupees per 100 kgs. Technically now Soyabean is getting support at 3077 and below same could see a test of 3064 level, And resistance is now likely to be seen at 3111, a move above could see prices testing 3132.

Trading Ideas:

# Soyabean trading range for the day is 3064-3132.

# Soyabean prices dropped tracking the international prices coupled with the good supplies in the domestic physical market.

# The supplies in the physical market is continue to improve as the demand is steady from the bulk buyers and oil millers.

# NCDEX accredited warehouses soyabean stocks gained by 1473 tonnes to 168123 tonnes.

# At the Indore spot market in top producer MP, soybean remains unchanged at 0 rupeess to 3081 rupeess per 100 kgs.