Soyabean settled down -1.18% at 3480.5 tracking weakness in spot and domestic crop nearing harvest. On domestic front, harvest is likely to start in next 7-10 days which means increased arrivals. The prices also got some support from a slight improvement in export demand for soymeal. Besides, a firming trend in overseas markets on speculation that the US Department of Agriculture will cut its production outlook after hot, dry conditions harmed crops in the world's biggest grower also boost market sentiment. Arrivals of soyabean in Madhya Pradesh state gained by 30000 bags of 100kg each to 90000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -10000 bags of 100kg each to 25000 bags of 100kg each. The Solvent Extractors' Association of India has just compiled the export data for export of oil meals for the month of July 2013. The export of oil meals during July 2013 is reported at 177,011 tons compared to 282,703 tons in July 2012 i. e. down by 37%.Persisting worries over dry weather in key soybean growing areas of the United States was seen supporting soybean prices in global and domestic market to certain extent. At the Indore spot market in top producer MP, soybean dropped -2 rupee to 3577 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 4.01% to settled at 99610 while prices down -41.5 rupee, now Soyabean is getting support at 3449 and below same could see a test of 3418 level, And resistance is now likely to be seen at 3516, a move above could see prices testing 3552.

Trading Ideas:

Soyabean trading range for the day is 1158-1158.

Soyabean prices ended with losses tracking weakness in spot and domestic crop nearing harvest.

On domestic front, harvest is likely to start in next 7-10 days which means increased arrivals.

The prices also got some support from a slight improvement in export demand for soymeal.

At the Indore spot market in top producer MP, soybean dropped -2 rupee to 3577 rupee per 100 kgs.