Soyabean on NCDEX settled up by 0.16% at 3084 supported by speculation that China, which imports roughly two-thirds of global soy exports, has bought several US bulk cargoes. However, some gains were capped by ample supplies in the domestic market. Due to bumper crop this year arrivals are expected to remain higher. However demand is just hand to mouth only. Arrivals across Madhya Pradesh were around 140,000-130,000 bags of 90 kilograms compared to 135,000-100,000 bags of 90 kilograms. Arrivals across Indore were at 8,000 bags of 90 kilograms compared to 6,000 bags of 90 kilograms. Weather conditions across Brazil and Argentina are favouring for standing crop to progress well and continuation of harvesting of the crop, indicating higher supply. Bean output in Brazil was raised from 106.1 million tons in Dec because of improving yields in Brazil's center-west and southern regions. Brazil bean production expected to rise 10% from previous season. Average yield seen at 3.2 tons per hectare compared to 2.9 tons per hectare in the past season. Export of soyameal and its value-added products have recorded a staggering growth of 446.38 per cent this year, according to the Soyabean Processors Association of India (SOPA). Exports during January were pegged at 1,55,164 tonnes compared to 22,398 tonnes in January 2016. On a financial year basis, total exports from April 2016 to January 2017 were recorded at 6,01,294 tonnes (3,30,702 tonnes). At the Indore spot market in top producer MP, soybean gained 8 Rupees to 3083 Rupees per 100 kgs. Technically now Soyabean is getting support at 3072 and below same could see a test of 3059 level, And resistance is now likely to be seen at 3097, a move above could see prices testing 3109.

Trading Ideas:

# Soyabean trading range for the day is 3059-3109.

# Soyabean prices gained supported by speculation that China, has bought several US bulk cargoes

# Arrivals across Madhya Pradesh were around 140,000-130,000 bags of 90 kilograms compared to 135,000-100,000 bags of 90 kilograms.

# NCDEX accredited warehouses soyabean stocks gained by 2230 tonnes to 193653 tonnes.

# At the Indore spot market in top producer MP, soybean gained 8 Rupees to 3083 Rupees per 100 kgs.