Soyabean yesterday we have seen that market has moved -3.66% tracking weakness in spot demand amid profit booking. The prices also weighed in soybean as there's no demand and new supplies will come in October. Indian farmers have cultivated soybean on 8.62 million hectares as on July 20, compared with 9.03 million hectares during the same time a year ago, farm ministry data showed. Soybean is a summer crop sown in June and harvested in October. Special Margin of 20% (noncash) on the Long side shall be imposed in Soyabean August 2012 expiry contract in addition to the existing Special Margin of 20% (in cash) with effect from beginning of day Monday, July 30, 2012. Soybean output in 2012/13 might exceed the industry's previous year estimates of 10.65 million tonnes as farmers expand acreage to cash in on a record high price. Indian farmers have cultivated soybean on 8.62 million hectares as of July 20, compared with 9.03 million hectares during the same time a year ago, farm ministry data showed. Fresh rains are seen in many parts of the MP giving relief to the kharif crops during last few days. Sowing has also picked up during recent time. However it is unlikely to exceed from the last year’s figures. At the Indore spot market in top producer MP, soybean gained 5 Rs to 4677Re per 100 kgs. Market has opened at 4680 & made a low of 4542.5 versus the day high of 4713.5. The total volume for the day was at 88220 lots and the open interest was at 42540. Support for soyabean is at 4495 below that could see a test of 4433. Resistance is now seen at 4666 above that could see a resistance of 4775.

Trading Ideas:

Soybean trading range for the day is 4433-4775.

Soybean ended with weak trend tracking weakness in spot demand amid profit booking.

The prices also weighed in soybean as there's no demand and new supplies will come in October.

NCDEX accredited warehouses soyabean stocks gained by 1 tonnes to 4294 tonnes.

At the Indore spot market in top producer MP, soybean gained 5 Rs to 4677Re 100 kgs.