Soyabean settled down -0.5% at 4742 on speculation of higher imports of the bean by United States to compensate with lower inventories. Domestic cues continue to remain bullish amid dwindling supplies of the bean in the spot market which will also support the prices. The USDA also lowered 2013-14 US soybean ending stockpiles to 130 million bushels compared to estimates of 132.2 million bushels and previous estimates of 135 million bushels. 2013-14 world ending stockpiles estimates was trimmed to 67 million tons compared to estimates of 68.7 from 69.4 million tons in earlier estimates, the USDA said. Arrivals of soyabean in Madhya Pradesh state dropped by -3000 bags of 100kg each to 22000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -5000 bags of 100kg each to 25000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 3000 bags of 100kg each to 18000 bags of 100kg each. Soybean production in the world's biggest bean grower, is forecasted at 98.93 million tons compared to 89.51 million tons a year ago. Brazil, world's second biggest soybean producers, 2014-15 output is estimates at 91 million tons, up 3.5 million tons from previous year. Argentina, world's third biggest soybean producers, 2014-15 crop output estimates was unchanged at 54 million tons compared to previous year. At the Indore spot market in top producer MP, soybean dropped -39 rupee to 4799 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 2.67% to settled at 114250, now Soyabean is getting support at 4716 and below same could see a test of 4685 level, And resistance is now likely to be seen at 4786, a move above could see prices testing 4825.

Trading Ideas:

Soyabean trading range for the day is 4684-4824.

Soyabean dropped on speculation of higher imports of the bean by United States to compensate with lower inventories.

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 gained by 60 tonnes to 15524 tonnes.

At the Indore spot market in top producer MP, soybean dropped  -39 rupee to 4799 rupee per 100 kgs.