Soyabean yesterday we have seen that market has moved 2.21% on short covering tracking positive global cues amid strong export demand in US due to weather damage to Canada's canola crop. Indian government has approved extension of a scheme for supply of 10 lakh tonnes of imported edible oil via PDS for one more year till September 30, 2012 at a subsidy of Rs 15 per kg. India's soyameal exports fell by 12% to 36.23 lakh tons in 2011-12 oil year. The fall is due to low availability of soyabean and increasing demand in the domestic market in July-September quarter, according to industry data. India exported 41.27 lakh tons soyameal in the 2010-11 soyabean oil year (October-September). India soybean harvest in 2011-12(July- June) crop year estimated at 12.28 million tons. In the year-ago period the output was 12.73 million tons. According to first advance estimates, Soybean output is pegged at 126.2 lakh ton for 2012-13. Arrivals of soyabean in Madhya Pradesh state gained by 25000 bags of 100kg each to 2.75lakhs bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -10000 bags of 100kg each to 60000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -10000 bags of 100kg each to 80000 bags of 100kg each. At the Indore spot market in top producer MP, soybean gained 65 Rs to 3092Re per 100 kgs. Market has opened at 3096 & made a low of 3069 versus the day high of 3168. The total volume for the day was at 117880 lots and the open interest was at 132030. Support for soyabean is at 3100 below that could see a test of 3035. Resistance is now seen at 3199 above that could see a resistance of 3233.

Trading Ideas:

Soybean trading range for the day is 3035-3233.

Soybean rose on short covering tracking positive global cues amid strong export demand in US

Indian government has approved extension of a scheme for supply of 10 lakh tonnes of imported edible oil

Arrivals of soyabean in Madhya Pradesh state gained by 25000 bags of 100kg each to 2.75lakhs bags of 100kg each.

At the Indore spot market in top producer MP, soybean gained 65 Rs to 3092Re 100 kgs.