Soyabean settled up 1.12% at 3875 on lower supplies of the crop in the domestic market as farmers and traders. Arrivals in the spot market are very poor which is supporting the prices. The government is declining to accept below standard quality of crop which will hamper both traders and farmers. This year due to extended rainfall the quality of crop has been affected, which has hit farmers adversely. SOPA slashed its second estimates for soybean production to 12.2 tons in Kharif 2013 compared to 12.9 tons previous estimates and 12.1 tons previous year. Madhya Pradesh, India's biggest soybean growing state production estimates downward to 5.61 million tons compared to previous estimates of 6.26 million tons, data release from SOPA showed. The government is declining to accept below standard quality of crop which will hamper both traders and farmers. This year due to extended rainfall the quality of crop has been affected, which has hit farmers adversely. Spot market across Madhya Pradesh was shut for the past three days as traders and farmers protested the implementation of Food Safety and Standard Act
(FSSA). At the Indore spot market in top producer MP, soybean gained 10 rupee to 4005 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 3.48% to settled at 95360 while prices up 43 rupee, now Soyabean is getting support at 3847 and below same could see a test of 3819 level, And resistance is now likely to be seen at 3889, a move above could see prices testing 3903.

Trading Ideas:

Soyabean trading range for the day is 3815-3899.

Soyabean gained on lower supplies of the crop in the domestic market as farmers and traders.

Arrivals in the spot market are very poor which is supporting the prices.

The government is declining to accept below standard quality of crop which will hamper both traders and farmers.

At the Indore spot market in top producer MP, soybean gained 10 rupee to 4005 rupee per 100 kgs.