Soyabean settled up 0.84% at 4783 snapping its losses on lack of bean supplies in the domestic market. There were no arrival on Friday and Saturday due to festivities across Madhya Pradesh. India Meteorological Department (IMD) forecast below normal monsoon for 2014 with 60% chances of El-Nino impacting rains. International soybean traded higher on tight supplies of the bean in United States, the world's biggest bean producer. US 2013-14 soybean ending stockpiles is estimated at 135 million bushels compared to estimates of 139 million bushels and previous estimates of 145 million bushels, the US Department of Agriculture (USDA) said. 2013-14 world ending stockpiles estimates was trimmed to 69.4 million tons compared to analysts' estimates of 70.1 from 70.6 million tons in earlier estimates. IMD’s forecast is in line with the outlook of the World Meteorological Organisation that predicted mostly below-average rains in much of South Asia, including India. Soybean is a rain fed Kharif crop hence below average monsoon may affect its output in the upcoming season. At the Indore spot market in top producer MP, soybean gained  76 rupee to 4846 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 6.93% to settled at 118080 while prices up 42 rupee, now Soyabean is getting support at 4764 and below same could see a test of 4743 level, And resistance is now likely to be seen at 4812, a move above could see prices testing 4839.

Trading Ideas:

Soyabean trading range for the day is 4742-4838.

Soyabean ended with gains snapping its losses on lack of bean supplies in the domestic market.

There were no arrival on Friday and Saturday due to festivities across Madhya Pradesh.

NCDEX accredited warehouses soyabean stocks gained by 60 tonnes to 15224 tonnes.

At the Indore spot market in top producer MP, soybean gained  76 rupee to 4846 rupee per 100 kgs.