Soyabean yesterday we have seen that market has moved -1.15% on the heels of strong domestic production estimates along with weak exports of soyameal. 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. Moreover, waning demand of soyameal by oilcake exporters also added selling in local mandies. As per the latest release from Solvent Extractors' Association of India, India's total soyameal exports during the October 2012 have been reported at 0.49 lakh tonnes, down 78% from the last year in the same period. Arrivals of soyabean in Madhya Pradesh state gained by 50000 bags of 100kg each to 300000 bags of 100kg each. Arrivals of soyabean in Maharashtra state gained by 25000 bags of 100kg each to 150000 bags of 100kg each. At the Indore spot market in top producer MP, soybean dropped -6 Rs to 3270Re per 100 kgs. Market has opened at 3262 & made a low of 3211 versus the day high of 3268. The total volume for the day was at 134450 lots and the open interest was at 166090.Support for soyabean is at 3195 below that could see a test of 3174. Resistance is now seen at 3252 above that could see a resistance of 3288.

Trading Ideas:

Soybean trading range for the day is 3174-3288.

Soyabean ended lower on the heels of strong domestic production estimates along with weak exports of soyameal.

The domestic soyabean production for the year 2012 is projected at 126.76 lakh tonnes, up 11.76 lakh tonnes

Arrivals of soyabean in Madhya Pradesh state gained by 50000 bags of 100kg each to 300000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped -6 Rs to 3270Re 100 kgs.