Soyabean yesterday we have seen that market has moved 0.88% on short covering amid lower-level buying is supporting the market. Supplies are low and farmers may like to hold their produce if the prices are below their expectations. Key spot markets in Madhya Pradesh and Maharashtra, the top two soybeans producing states, have started getting supplies from the new season crop. India's soybean production in 2012/13 is likely to rise 8.8 percent on year to 12.67 million tonnes on the back of higher acreage and better per hectare yields, an industry body said earlier this month. Traders fear supplies may not be up to their expectations in the coming days. Arrivals of soyabean in Madhya Pradesh state dropped by 50000 bags of 100kg each to 2.5lakh bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by 30000 bags of 100kg each to 70000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 15000 bags of 100kg each to 90000 bags of 100kg each. At the Indore spot market in top producer MP, soybean gained 49 Rs to 2907Re per 100 kgs. Market has opened at 2952 & made a low of 2921 versus the day high of 3034. The total volume for the day was at 200590 lots and the open interest was at 144020.Support for soyabean is at 2921 below that could see a test of 2865. Resistance is now seen at 3034 above that could see a resistance of 3091.

Trading Ideas:

Soybean trading range for the day is 2865-3091.

Soyabean ended with gains on short covering amid lower-level buying is supporting the market.

Supplies are low and farmers may like to hold their produce if the prices are below their expectations.

Arrivals of soyabean in Madhya Pradesh state dropped by 50000 bags of 100kg each to 2.5lakh bags of 100kg each

At the Indore spot market in top producer MP, soybean gained 49 Rs to 2907Re 100 kgs.