Soyabean settled down -0.65% at 4464 on subdued demand from oil refineries and plants amid lack of overseas oilmeal export demand. There is no fresh soymeal export demand which is weighing on the prices. However downside seen limited on fear of delay in soybean sowing in the India after reports of weak southwest rainfall. Private exporters reported soybeans export sales of 110,000 tons to China for delivery during the marketing year 2014-15, the US Department of Agriculture said. Indian monsoon are likely to be delayed by 10 days on weak rains this year which will reach the central India after June 20 as against the usual June 15, Indian Institute of Tropical Meteorology (IITM) said. Indian farmer begins sowing of soybean in key growing areas one-week after the commencement of south-west monsoon rainfall. India 2013-14 soybean output fell to 11.94 million ton from 14.66 million ton a year ago as untimely rains in Madhya Pradesh hit the crop. The Ministry of Agriculture in its 3rd Advance Estimates, projected 2013-14 soybean output at 11.9 mn tn as against 14.67 mn tn in 2012-13. Soy meal exports in April'14 have declined to 89,883 tn, down 9.62% m-o-m and 59.73% lower y-o-y on poor demand and lower availability for crushing due to higher Indian quotes for foreign buyers. At the Indore spot market in top producer MP, soybean gained  16 rupee to 4523 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -1.53% to settled at 95250 while prices down -29 rupee, now Soyabean is getting support at 4425 and below same could see a test of 4385 level, And resistance is now likely to be seen at 4527, a move above could see prices testing 4589.

Trading Ideas:

Soyabean trading range for the day is 4385-4589.

Soyabean ended with losses on subdued demand from oil refineries and plants amid lack of overseas oilmeal export demand.

There is no fresh soymeal export demand which is weighing on the prices.

However downside seen limited on fear of delay in soybean sowing in the India after reports of weak southwest rainfall.

At the Indore spot market in top producer MP, soybean gained  16 rupee to 4523 rupee per 100 kgs.