Soyabean yesterday we have seen that market has moved -1.9% amid weak spot demand and weak overseas market. Weak overseas markets are making buyers cautious in the domestic markets. Overseas markets are on decline due to increased crop estimates for Brazil. Latest forecast show Brazil output for the current year at 83.05 million tonnes from an estimate of 80.01 million tons in December. Brazil, which harvested 66.5 million tons in the year 2011-2012, expected to overtake the US as the world's biggest producer. According to the USDA report, global oilseed production for 2012/13 is projected at 466.9 million tons, up 1.1 million from last month. Global soybean production is raised fractionally to 269.5 million. Arrivals of soyabean in Maharashtra state gained by 5000 bags of 100kg each to 70000 bags of 100kg each. At the Indore spot market in top producer MP, soybean gained 2 Rs to 3327Re per 100 kgs. Market has opened at 3223 & made a low of 3160 versus the day high of 3223. The total volume for the day was at 87910 lots and the open interest was at 118880. Support for soyabean is at 3147 below that could see a test of 3122. Resistance is now seen at 3210 above that could see a resistance of 3248.

Trading Ideas:

Soybean trading range for the day is 3122-3248.

Soyabean ended with losses amid weak spot demand and weak overseas market.

Weak overseas markets are making buyers cautious in the domestic markets.

NCDEX accredited warehouses soyabean stocks gained by 150 tonnes to 2875 tonnes.

At the Indore spot market in top producer MP, soybean gained 2 Rs to 3327Re 100 kgs.