Soyabean yesterday we have seen that market has moved 1.52% amid increased demand and low domestic supplies. High production worldwide may affect Indian exports adversely as the country remains a major soybean exporter to nations like Japan and Thailand as well as to the Middle East. According to the World Agricultural Supply and Demand Estimates by USDA, global soybean production projection is up by 1.7 million tons at 269.4 million tons. The rise in projection is due to gains in the United States and Brazil. In India according to the first advanced estimates, soybean output is pegged at 126.2 lakh tons for 2012-13. Arrivals in the domestic markets declined to 1.8-2 lakh bags, while demand is comparatively lower amid subdued overseas demand for soy meal. According to first advance estimates, Soybean output is pegged at 126.2 lakh tn for 2012-13. Arrivals of soyabean in Madhya Pradesh state dropped by -20000 bags of 100kg each to 80000 bags of 100kg each. Arrivals of soyabean in Maharashtra state gained by 30000 bags of 100kg each to 75000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 5000 bags of 100kg each to 25000 bags of 100kg each. At the Indore spot market in top producer MP, soybean gained 29 Rs to 3239Re per 100 kgs. Market has opened at 3179 & made a low of 3179 versus the day high of 3255. The total volume for the day was at 130900 lots and the open interest was at 164630. Support for soyabean is at 3177 below that could see a test of 3140. Resistance is now seen at 3253 above that could see a resistance of 3292.

Trading Ideas:

Soybean trading range for the day is 3140-3292.

Soyabean ended with good gains amid increased demand and low domestic supplies.

Global soybean production projection is up by 1.7 million tons at 269.4 million tons - USDA

NCDEX accredited warehouses soyabean stocks dropped by 89 tonnes to 52830 tonnes.

At the Indore spot market in top producer MP, soybean gained 29 Rs to 3239Re 100 kgs.