Soyabean yesterday we have seen that market has moved 0.42% as some improvement is seen in spot market due to increased demand though weak soymeal exports weighed on sentiment. Soybean imports shot up to 5.9Mt in December, up 9% y/y and finishing the year at 58Mt or 11% higher y/y. Soymeal exports by India, Asia's leading supplier of the commodity, fell in December from a month earlier as the peak season for soybean crushing ended. As per the latest monthly report release by United States Department of Agriculture (USDA), global soybean production is projected at 269.41 million tonnes in Jan 2012-13, up 1.70 million from previous month. The higher gains in the United States and Brazil only partly offset by a lower projection for Argentina. The Brazil soybean crop is increased 1.5 million tonnes to a record 82.5 million tonnes reflecting record area and improving yield prospects. The Argentina soybean crop is projected at 54 million tonnes, down 1 million tonnes mainly due to lower projected area resulting from excessive moisture throughout much of the central growing area. At the Indore spot market in top producer MP, soybean gained 2 Rs to 3187Re per 100 kgs. Market has opened at 3135 & made a low of 3127 versus the day high of 3158.5. The total volume for the day was at 48620 lots and the open interest was at
175500. Support for soyabean is at 3127 below that could see a test of 3111. Resistance is now seen at 3158 above that could see a resistance of 3174.

Trading Ideas:

Soybean trading range for the day is 3112-3174.

Soyabean ended with gains as some improvement is seen in spot market due to increased demand

Soybean imports shot up to 5.9Mt in December, up 9% y/y and finishing the year at 58Mt or 11% higher y/y.

NCDEX accredited warehouses soyabean stocks gained by 179 tonnes to 54128 tonnes.

At the Indore spot market in top producer MP, soybean gained 2 Rs to 3187Re 100 kgs.