Soyabean yesterday we have seen that market has moved -2.14% amid profit booking tracking weakness amid weak demand. Buyers are not very active as both soyoil and soymeal demand is below their expectations. Supplies are low as farmers are busy due to wedding season. But low supplies in the domestic markets are preventing losses. The arrivals may show some improvement after the wedding season and it would last till the onset of monsoon in the region. 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. 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 dropped -2 Rs to 4054Re per 100 kgs. Market has opened at 3936 & made a low of 3815.5 versus the day high of 3941. The total volume for the day was at 73460 lots and the open interest was at 74800.Support for soyabean is at 3791 below that could see a test of 3741. Resistance is now seen at 3917 above that could see a resistance of 3992.

Trading Ideas:

Soybean trading range for the day is 3740-3992.

Soyabean ended with losses amid profit booking tracking weakness amid weak demand.

Buyers are not very active as both soyoil and soymeal demand is below their expectations.

The arrivals may show some improvement after the wedding season and it would last till the onset of monsoon in the region.

At the Indore spot market in top producer MP, soybean dropped -2 Rs to 4054Re 100 kgs.