Soyabean yesterday we have seen that market has moved -0.85% on an expected increase in the area under cultivation and weak exports demand from soymeal. Demand for both soyoil and soymeal is not encouraging which is putting pressure 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 Madhya Pradesh state dropped by 5000 bags of 100kg each to 40000 bags of 100kg each. China's soybean imports are expected to reach record highs in the coming year, according to forecasts released by the China National Grain and Oils Information Center. Already the world's largest soybean importing country, imports are expected to hit 66 million metric tons during the 2013-14-market year (September 2013 to August 2014). In 2012, China's soybean imports soared by 11.2% from the previous year to 58.4 million tons. 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. At the Indore spot market in top producer MP, soybean dropped -26 Rs to 4054Re per 100 kgs. Market has opened at 3935 & made a low of 3879 versus the day high of 3944. The total volume for the day was at 52340 lots and the open interest was at 79430.Support for soyabean is at 3869 below that could see a test of 3841. Resistance is now seen at 3934 above that could see a resistance of 3971.

Trading Ideas:

Soybean trading range for the day is 3841-3971.

Soyabean ended with weakness on an expected increase in the area under cultivation and weak exports demand from soymeal.

Demand for both soyoil and soymeal is not encouraging which is putting pressure on prices.

NCDEX accredited warehouses soyabean stocks gained by 169 tonnes to 13075 tonnes.

At the Indore spot market in top producer MP, soybean dropped -26 Rs to 4054Re 100 kgs.