Soyabean yesterday we have seen that market has moved -0.54% tracking weakness in spot demand as expectation of normal Monsoon weighed on prices. Arrivals are low as farmers are busy due to wedding season and also they expect better prices for their produce. Despite low demand, prices are not weak as the supplies are extremely low. Arrivals of soyabean in Maharashtra state gained by 5000 bags of 100kg each to 30000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 5000 bags of 100kg each to 15000 bags of 100kg each. India's soy meal exports M/M fell 67% in April 2013, according to the Solvent Extractors' Association of India (SEA of India). US soybean crop is expected at a record 3.39 bn bushels, up from 3.015 bn harvested a year earlier, as per USDA (United States Department of Agriculture) estimates. The stock-piles is expected to rise to 265 mn bushels on 31st August 2014. The millers in local mandies have reported the negative crushing margin due to higher prices of domestic soyabean in local mandies. Millers also reported that the imported oil is currently available at much lower rates. Therefore, the crushing margins of soyabean decreased by almost Rs 15-20 per quintal in the last one month. At the Indore spot market in top producer MP, soybean dropped -8 Rs to 4080Re per 100 kgs. Market has opened at 3927 & made a low of 3911 versus the day high of 3945. The total volume for the day was at 43090 lots and the open interest was at 77500. Support for soyabean is at 3910 below that could see a test of 3894. Resistance is now seen at 3944 above that could see a resistance of 3962.

Trading Ideas:

Soybean trading range for the day is 3894-3962.

Soyabean ended with losses tracking weakness in spot demand as expectation of normal Monsoon weighed on prices.

Arrivals are low as farmers are busy due to wedding season and also they expect better prices for their produce.

Arrivals of soyabean in Maharashtra state gained by 5000 bags of 100kg each to 30000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped -8 Rs to 4080Re 100 kgs.