Soyabean settled down -1.94% at 4650 on robust sowing in the world's biggest bean producer and on subdued demand for Indian soymeal. Forecast of higher US production and increase in plantation will act as negative factor for soybean prices. United States spring soybean planting rose 20% as on May 12 compared to 5% sowing last week and 5% plantation for the same period a year ago, the US Department of Agriculture (USDA) said in its crop progress report. 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. India soybean oilmeal exports dropped 9.6% to 89,883 tons in April compared to 99,451 tons in April 2013, data from the Solvent Extractors Association of India (SEA) showed. Arrivals of soyabean in Madhya Pradesh state gained by 8000 bags of 100kg each to 30000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -3000 bags of 100kg each to 15000 bags of 100kg each. At the Indore spot market in top producer MP, soybean dropped  -25 rupee to 4774 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -0.56% to settled at 114100, now Soyabean is getting support at 4609 and below same could see a test of 4570 level, And resistance is now likely to be seen at 4715, a move above could see prices testing 4782.

Trading Ideas:

Soyabean trading range for the day is 4571-4783.

Soyabean ended with losses on robust sowing in the world's biggest bean producer and on subdued demand for Indian soymeal.

Forecast of higher US production and increase in plantation will act as negative factor for soybean prices.

NCDEX accredited warehouses soyabean stocks gained by 60 tonnes to 15584 tonnes.

At the Indore spot market in top producer MP, soybean dropped  -25 rupee to 4774 rupee per 100 kgs.