Soyabean settled up 0.29% at 3820.5 on lower availability of supplies in the domestic market amid favourable weather condition in South American region increases the prospects of higher yield. After the mandis reopened after the strike, arrivals haven't picked up and there is improved demand from the oil crushers to meet current export quires. Soybean local markets across Madhya Pradesh were shut last week as traders and farmers protested against implementation of Food Safety and Standard Act (FSSA). Under this act the government will decline 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. 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. However, the strike was called off on Jan 27 but the supplies haven't increased in the spot market. Demand for soybeans in China, the world's biggest buyer of the oilseed, may slow as poultry farmers reduce bird inventories as the H7N9 virus spreads, according to Zhejiang Zhongda Futures Co. At the Indore spot market in top producer MP, soybean gained 20 rupee to 4025 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 3.8% to settled at 123240 while prices up 11 rupee, now Soyabean is getting support at 3804 and below same could see a test of 3787 level, And resistance is now likely to be seen at 3839, a move above could see prices testing 3857.

Trading Ideas:

Soyabean trading range for the day is 3785-3857.

Soybean ended with gains on lower availability of supplies in the domestic market.

After the mandis reopened after the strike, arrivals haven't picked up.

NCDEX accredited warehouses soyabean stocks dropped by 4306 tonnes to 441 tonnes.

At the Indore spot market in top producer MP, soybean gained 20 rupee to 4025 rupee per 100 kgs.