Soyabean yesterday we have seen that market has moved 0.65% due to rise in meal export demand and strong global fundamentals. Higher global supplies will certainly put pressure on prices worldwide. Higher global supply estimates are due to latest forecasts which 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. China imported 696,600 tons of soybean from US for delivery before August, 31 and an additional 691,000 tons for the 12 months starting September, 1, according to the data released by the United States Agriculture Department (USDA). A fall in normal moisture in Argentine is likely to make weather conditions drier than drought in 2012 and is expected to make a dent in the production. Arrivals of soyabean in Madhya Pradesh state dropped by -35000 bags of 100kg each to 75000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -5000 bags of 100kg each to 25000 bags of 100kg each. At the Indore spot market in top producer MP, soybean dropped -5 Rs to 3322Re per 100 kgs. Market has opened at 3165 & made a low of 3162 versus the day high of 3195. The total volume for the day was at 72820 lots and the open interest was at 120810. Support for soyabean is at 3168 below that could see a test of 3149. Resistance is now seen at 3201 above that could see a resistance of 3215.

Trading Ideas:

Soybean trading range for the day is 3149-3215.

Soybean ended with gains due to rise in meal export demand and strong global fundamentals.

USDA also raised its forecast for global soybean supplies this year by 1.1% to 60.1 million metric tons

India soybean production to be 113 lakh ton in 2012-13

At the Indore spot market in top producer MP, soybean dropped -5 Rs to 3322Re 100 kgs.