Soyabean settled up 0.37% at 3664 on short covering after prices dropper earlier in the day due to ample stocks in the spot market. Trading sentiments weakened further due to sluggish demand of soyameal in export market as the overseas buyers are finding the Indian prices higher compared with other international suppliers. Besides, a losing trend in overseas markets on speculation that U. S. and global inventories before next year's Northern Hemisphere harvest may surpass a government forecast in December also put pressure on the Soyabean futures prices here. Domestic markets may not see active buying till soy product demand improves. Soy product i. e. soymeal and soyoil demand is extremely low which are produced by crushing soybean. India is one of the leading soymeal suppliers to the Southeast Asian countries and a major consumer of soyoil in the world. Arrivals of soyabean in Maharashtra state dropped by 10000 bags of 100kg each to 90000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 10000 bags of 100kg each to 35000 bags of 100kg each. Soybean output which was earlier estimated at record 129.83 lakh tonnes (tn) by the Soybean Processors Association of India (SOPA) has been revised downward to 122.35 lakh tn. At the Indore spot market in top producer MP, soybean dropped -18 rupee to 3739 rupee per 100 kgs. Technically market is under short covering as market has witnessed drop in open interest by -1.71% to settled at 123830 while prices up 13.5 rupee, now Soyabean is getting support at 3626 and below same could see a test of 3588 level, And resistance is now likely to be seen at 3688, a move above could see prices testing 3712.

Trading Ideas:

Soyabean trading range for the day is 3585-3709.

Soyabean settled up on short covering after prices dropper earlier in the day due to ample stocks in the spot market.

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

Arrivals of soyabean in Maharashtra state dropped by 10000 bags of 100kg each to 90000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped -18 rupee to 3739 rupee per 100 kgs.