Soyabean yesterday we have seen that market has moved -0.43% on weak global demand amid rising arrivals of the winter-sown oilseeds. Prices neither improved considerable nor they eased substantially due to lack of any fresh news. The possibility of yield loss due to hot and dry weather in many of the US soybean growing areas is almost factored in to prices during last few days. USDA has reduced the soybean crop excellent rating to 57 % on less rains vs 60 last week. This has supported the market to some extent. Indian soybean growing area is blessed with good rains during recent past. In fact, monsoon has remained above normal during past week. USDA released its World Agriculture Supply & Demand Estimates Report (WASDE) for the agricultural commodities. Brazil's 2008/09 soybean crop was 8 percent harvested by Feb. 13, the same as a year ago, but forward sales were far behind last year's levels. At the Indore spot market in top producer MP, soybean dropped -5 Rs to 2368Re 100 kgs. Market has opened at 2421.5 & made a low of 2395.5 versus the day high of 2430. The total volume for the day was at 35800 lots and the open interest was at 114030. Support for soyabean is at 2397 below that could see a test of 2379. Resistance is now seen at 2432 above that could see a resistance of 2448.

Trading Ideas:

Soyabean trading range is 2379-2448.

Soyabean moved -0.43% on weak global demand amid rising arrivals of the winter-sown oilseeds

USDA has reduced the soybean crop excellent rating to 57 % on less rains vs 60 last week.

Brazil's 2008/09 soybean crop was 8 percent harvested by Feb. 13

At the Indore spot market in top producer MP, soybean dropped -5 Rs to 2368Re 100 kgs.