Soyabean settled up 0.21% at 4766 on improved demand for US beans and on speculation that the US Department of Agriculture may trim US stockpiles. Private exporters reported soybean export sales of 140,000 tons for delivery to unknown destinations during the 2014-15 marketing year, the US Department of Agriculture (USDA). Domestic cues continue to remain bullish amid dwindling supplies of the bean in the spot market which will also support the prices. China April soybean imports jumped 63.3% on year to 6.5 million tons while Jan-Apr soybean imports came at 21.85 million tons, up 41.2% on year, Dow Jones reported citing China customs. Farmers In Ukraine received better return from Soybean in comparison to other crops and they have planned to increase coverage area under soybean in MY 2014-15.As per preliminary estimate area under soybean may increase by 17 percent to 1.6 mln ha in My 2014-15 against 1.36 mln ha last year. Production based on average yield may reach3.2 MMT. Global soybean market remains attractive for soya farmers. US 2013-14 soybean ending stockpiles may drop to 132.2 million bushels compared to previous estimates of 135 million bushels, various surveys showed. Technically market is under short covering as market has witnessed drop in open interest by -0.59% to settled at 111280 while prices up 10 rupee, now Soyabean is getting support at 4746 and below same could see a test of 4725 level, And resistance is now likely to be seen at 4793, a move above could see prices testing 4819.

Trading Ideas:

Soyabean trading range for the day is 4725-4819.

Soyabean ended with gains on improved demand for US beans and on speculation that USDA may trim US stockpiles.

Domestic cues continue to remain bullish amid dwindling supplies of the bean in the spot market which will also support the prices.

NCDEX accredited warehouses soyabean stocks dropped by 119 tonnes to 15295 tonnes.

At the Indore spot market in top producer MP, soybean dropped  -3 rupee to 4838 rupee per 100 kgs.