Soyabean settled up 0.8% at 4008.5 as lack of bean availability in the domestic spot market supported prices. Concerns that bad weather condition in Brazil may hurt the prospects of higher yield also supported prices. Domestically, arrivals of the bean are falling as extended rainfall in the key oilseed growing areas across Madhya Pradesh had hampered soy crop quality and quantity. Soybean production is to be lowered to 12.23 million ton from 12.98 million ton earlier, the Soybean Producers Association (SOPA) said. India soybean output estimates were slashed to 12.45 million ton in 2013-14 against 14.67 million ton in 2012-13, the Ministry of Agriculture in its second advance estimates. Total soybean output may fall by 5 million tons in South American region due to heat and dryness in Argentina and Brazil. Arrivals of soyabean in Madhya Pradesh state gained by 5000 bags of 100kg each to 75000 bags of 100kg each. Soybean production is to be lowered to 12.23 million ton from 12.98 million ton earlier, the Soybean Producers Association (SOPA) said. At the Indore spot market in top producer MP, soybean gained 39 rupee to 4088 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 1.96% to settled at 102780 while prices up 32 rupee, now Soyabean is getting support at 3980 and below same could see a test of 3952 level, And resistance is now likely to be seen at 4037, a move above could see prices testing 4066.

Trading Ideas:

Soyabean trading range for the day is 3953-4067.

Soyabean ended with gains as lack of bean availability in the domestic spot market supported prices.

Supplies in the local manids is not picking up.

NCDEX accredited warehouses soyabean stocks gained by 998 tonnes to 1847 tonnes.

At the Indore spot market in top producer MP, soybean gained 39 rupee to 4088 rupee per 100 kgs.