Soyabean on NCDEX settled down -0.33% at 2980 on bumper supplies in the global markets, even though delays in Brazilian shipments capped some losses. Arrivals are higher in local market as output is higher than expectation. At least 11 ships are facing delays in loading soybeans at Brazil's northern ports after rains washed out roads and disrupted the progress of trucks carrying beans from the centre-west region. Arrivals across Madhya Pradesh were around 110,000-90,000 bags of 90 kilograms compared to 133,000-100,000 bags of 90 kilograms. Arrivals across Indore were at 3,500 bags of 90 kilograms as compared to 3,000 bags of 90 kilograms. Demand of soymeal by poultry feed manufacturers revived mainly due to increased sales of broiler chicken in retail market during the week. Rates of broiler chicken in the recent days has recovered, which has promoted poultry farmers to increase production resulting in better demand for soybean meal. US soybean crushers crushed higher than the market expectations in January, third highest January crush on record, said National Oilseed Processors Association. NOPA reported that its members have processed 160.621 million bushels during January, up from 150.453 million bushels during the corresponding period last year and also up from 160.176 million bushels in December 2016. US soy meal shipments stood at 891,143 tons up from 686,493 tons during the corresponding period last year but down from 949615 tons in December 2016. Technically market is under fresh selling as market has witnessed gain in open interest by 6.5% to settled at 139880 while prices down -10 rupees, now Soyabean is getting support at 2971 and below same could see a test of 2962 level, And resistance is now likely to be seen at 2990, a move above could see prices testing 3000.

Trading Ideas:

# Soyabean trading range for the day is 2962-3000.

# Soyabean prices dropped on bumper supplies in the global markets, even though delays in Brazilian shipments capped some losses.

# Arrivals are higher in local market as output is higher than expectation.

# NCDEX accredited warehouses soyabean stocks dropped by 202 tonnes to 217211 tonnes.

# At the Indore spot market in top producer MP, soybean dropped -8 Rupees to 3036 Rupees per 100 kgs.