Soyabean settled down -0.68% at 3627 on expectation of higher global supplies amid reports of improved weather condition in South America and subdued demand from the domestic oil refineries and plants. Domestic cues continue to be weak and weak global factor will support the downward movement. Improved weather condition in Argentina bolstered investor's sentiments of higher production from the world's third-biggest producer of the bean. Argentina may produce 53.5 million tons compared to 49.3 million tons in 2012-13 season, the US Department of Agriculture (USDA) said. Argentina is the world's third-largest producer of the oilseed. Domestically, soybean prices may be pressurised on subdued demand from oil refineries and plants for the bean amid lack of fresh soymeal export quires. Indian soy meal has become out priced in global market due to costlier soybean and exporters are not getting fresh orders. Indian soy meal is costlier 20-25 per ton as Brazil and Argentine are offering at lower prices. Arrivals of soyabean in Madhya Pradesh state dropped by 10000 bags of 100kg each to 80000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by 10000 bags of 100kg each to 20000 bags of 100kg each. At the Indore spot market in top producer MP, soybean dropped -16 rupee to 3702 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 0.76% to settled at 119510 while prices down -25 rupee, now Soyabean is getting support at 3598 and below same could see a test of 3568 level, And resistance is now likely to be seen at 3651, a move above could see prices testing 3674.

Trading Ideas:

Soyabean trading range for the day is 3569-3675.

Soyabean ended with losses on expectation of higher global supplies amid reports of improved weather condition in South America.

Domestic cues continue to be weak and weak global factor will support the downward movement.

Arrivals of soyabean in Madhya Pradesh state dropped by 10000 bags of 100kg each to 80000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped -16 rupee to 3702 rupee per 100 kgs.