Soyabean yesterday we have seen that market has moved -4% on short selling as higher production concerns in international markets pressurized the prices. As per the latest crop estimates by Soyabean Processors Association of India ( SOPA ) , the domestic soyabean production for the year 2012 is projected at 126.76 lakh tonnes , up 11.76 lakh tonnes from the last year . This is mainly due to strong sowing acreage along with better yield. This year farmers have planted soyabean on a record high area of 106 lakh hectares against 102 lakh hectares that was reported last year. SOPA estimated that output may rise by 8% in Madhya Pradesh, the largest grower, while it may inch up marginally in Maharashtra. However, marginal decline in production might seen in Karnataka and Rajasthan due to scanty monsoon. Arrivals of soyabean in Madhya Pradesh state gained by 1lakh bags of 100kg each to 1lakh bags of 100kg each. Arrivals of soyabean in Maharashtra state gained by 45000 bags of 100kg each to 70000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 43000 bags of 100kg each to 55000 bags of 100kg each. At the Indore spot market in top producer MP, soybean dropped -192 Rs to 3086Re per 100 kgs. Market has opened at 3180 & made a low of 3075 versus the day high of 3180. The total volume for the day was at 164900 lots and the open interest was at 145630.Support for soyabean is at 3040 below that could see a test of 3005. Resistance is now seen at 3145 above that could see a resistance of 3215.

Trading Ideas:

Soybean trading range for the day is 3005-3215.

Soyabean declined on short selling as higher production concerns in international markets pressurized the prices

The domestic soyabean production for the year 2012 is projected at 126.76 lakh tonnes

This year farmers have planted soyabean on a record high area of 106 lakh hectares against 102 lakh hectares

At the Indore spot market in top producer MP, soybean dropped -192 Rs to 3086Re 100 kgs.