Soyabean settled down -0.79% at 4255 tracking weakness in spot demand as monsoon hits Kerala and low soy product demand. People generally shift their concentration to the upcoming season once monsoon arrives. Arrivals of soyabean in Madhya Pradesh state dropped by -5000 bags of 100kg each to 30000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -2000 bags of 100kg each to 18000 bags of 100kg each. There is no overseas demand for soymeal due to which buying interest from oil crushers is also subdued. India FY 2013-14 soymeal exports in fell 20% to 2.7 million tons compared to 3.4 tons for the same period a year ago, data from the Solvent Extractors of Association (SEA) of India showed. United States soybean weekly exports sale fell to 41,300 tons as on Jun 5 compared to 60,300 tons in the pervious week, the US Department of Agriculture said. Soybean production in the world's biggest bean grower, is forecasted at 3.65 billion tons in 2014-15, up 346 million from the 2013 crop on record yield and harvest area, the USDA said. Farmers in US completed 78% of soybean planting compared to 59% sowing a week ago and 55% planting for the same period a year earlier, the US Department of Agriculture (USDA) said in its crop progress report. At the Indore spot market in top producer MP, soybean dropped -4 rupee to 4283 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -0.63% to settled at 103290 while prices down -34 rupee, now Soyabean is getting support at 4229 and below same could see a test of 4203 level, And resistance is now likely to be seen at 4273, a move above could see prices testing 4291.

Trading Ideas:

Soyabean trading range for the day is 4203-4291.

Soyabean ended with losses tracking weakness in spot demand as monsoon hits Kerala and low soy product demand.

People generally shift their concentration to the upcoming season once monsoon arrives.

NCDEX accredited warehouses soyabean stocks gained by 1720 tonnes to 12381 tonnes.

At the Indore spot market in top producer MP, soybean dropped  -4 rupee to 4283 rupee per 100 kgs.