Soyabean yesterday we have seen that market has moved 0.37% as gains in spot demand amid gains in overseas markets. Soyabean remained dull amid weak buying and low arrivals. Currently, buyers are not confident due to decline in the previous days. The USDA confirmed sales of 115,000 tonnes of US soybeans to China and another 108,000 tonnes to unknown destinations, both for delivery in 2012/13. The USDA reported weekly export inspections of US soybeans at 44.486 million bushels, above a range of trade estimates for 37 million to 42 million. The soybean market has been weighed down in recent weeks by forecasts of record production in South America, where crops are experiencing largely favourable weather. Soybean imports of China are forecasted to climb 4.2% in the year through September, with U. S. exports to the country little changed from the previous year. Arrivals of soyabean in Madhya Pradesh state dropped by -25000 bags of 100kg each to 125000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -20000 bags of 100kg each to 50000 bags of 100kg each. At the Indore spot market in top producer MP, soybean gained 12 Rs to 3282Re per 100 kgs. Market has opened at 3221 & made a low of 3195 versus the day high of 3230. The total volume for the day was at 86010 lots and the open interest was at 148460. Support for soyabean is at 3206 below that could see a test of 3183. Resistance is now seen at 3241 above that could see a resistance of 3253.

Trading Ideas:

Soybean trading range for the day is 3183-3253.

Soyabean ended with gains as gains in spot demand amid gains in overseas markets.

Arrivals of soyabean in Madhya Pradesh state dropped by -25000 bags of 100kg each to 125000 bags of 100kg each

NCDEX accredited warehouses soyabean stocks gained by 510 tonnes to 60399 tonnes.

At the Indore spot market in top producer MP, soybean gained 12 Rs to 3282Re 100 kgs.