Soyabean yesterday we have seen that market has moved 0.6% on thin supplies and a weak rupee tracking firm pot demand. Soybean supplies are limited. Farmers are not selling the harvest. Oil mills are running operations at half of their capacity. Arrivals are not showing any improvement as farmers are probably busy in wedding season. Also, many are holding back their produce in anticipation of better prices. Buyers are not active due to low soy product demand but low supplies are supporting the price. Arrivals of soyabean in Rajasthan state dropped by -5000 bags of 100kg each to 10000 bags of 100kg each. India's soy meal exports M/M fell 67% in April 2013, according to the 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. The stock-piles is expected to rise to 265 mn bushels on 31st August 2014. 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. At the Indore spot market in top producer MP, soybean gained 13 Rs to 4055Re per 100 kgs. Market has opened at 3910 & made a low of 3880.5 versus the day high of 3923. The total volume for the day was at 36610 lots and the open interest was at 74780. Support for soyabean is at 3893 below that could see a test of 3865. Resistance is now seen at 3935 above that could see a resistance of 3950.

Trading Ideas:

Soybean trading range for the day is 3865-3951.

Soybean ended with gains on thin supplies and a weak rupee tracking firm pot demand. Soybean supplies are limited.

Farmers are not selling the harvest. Oil mills are running operations at half of their capacity

NCDEX accredited warehouses soyabean stocks gained by 2247 tonnes to 16533 tonnes.

At the Indore spot market in top producer MP, soybean gained 13 Rs to 4055Re 100 kgs.