Soyabean settled down -0.49% at 3726.5 due to selling pressure triggered by weak demand in the spot market as arrivals remain steady. Trading sentiments weakened further due to sluggish demand of soyameal in export market. Meanwhile, India's soymeal and corn exports are expected to drop more than a quarter to a total 6 million tonnes in the year to September 2014 as buyers opt for cheaper supplies from South America. Both soyoil and soymeal demand is weak at present which is putting pressure on prices. Overseas markets are also not supportive on higher global supplies ahead due to good crop prospects in South America. Arrivals in domestic markets remained low on cold climate and holding back by farmers in expectations of better prices. Arrivals of soyabean in Maharashtra state gained by 5000 bags of 100kg each to 80000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by 5000 bags of 100kg each to 20000 bags of 100kg each. Rainfall in South America in the last two days is favourable for soybean crop. The region is set to harvest a bumper soybean crop if it gets a few more showers. At the Indore spot market in top producer MP, soybean dropped -19 rupee to 3839 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -0.35% to settled at 126320 while prices down -18.5 rupee, now Soyabean is getting support at 3705 and below same could see a test of 3684 level, And resistance is now likely to be seen at 3746, a move above could see prices testing 3766.

Trading Ideas:

Soyabean trading range for the day is 3685-3767.

Soyabean ended with losses due to selling pressure triggered by weak demand in the spot market as arrivals remain steady.

Trading sentiments weakened further due to sluggish demand of soyameal in export market

Arrivals of soyabean in Maharashtra state gained by 5000 bags of 100kg each to 80000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped -19 rupee to 3839 rupee per 100 kgs.