Soyabean settled up 1.48% at 4331  on improved buying interest from domestic oil refineries and plants to meet local demand. Reports of low and delayed monsoon have created fear in the market that such condition may affect production. Also, demand for soybean seed ahead of the new Kharif season is also supporting the prices. Markets are witnessing below average quality supply and only category where we see demand is seed quality due to upcoming Kharif season. Soybean seed demand has gone up due to upcoming Kharif season and shortage. Arrivals of soyabean in Madhya Pradesh state gained by 5000 bags of 100kg each to 35000 bags of 100kg each. Arrivals of soyabean in Maharashtra state gained by 5000 bags of 100kg each to 20000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by 2000 bags of 100kg each to 10000 bags of 100kg each. US soybean planting is reported at 87% by 8 Jun which is above 5 year average of 81% and also ahead from 78% during the same period last year. Soybean emergence is reported at 71% higher than 5 year average of 62% and above 50% during the same period last year. Further, about 74% is under is good to excellent condition. The factor is bearish for the international soybean for short-term. At the Indore spot market in top producer MP, soybean gained  32 rupee to 4344 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 0.27% to settled at 107490, now Soyabean is getting support at 4284 and below same could see a test of 4242 level, And resistance is now likely to be seen at 4363, a move above could see prices testing 4400.

Trading Ideas:

Soyabean trading range for the day is 4244-4402.

Soyabean ended with gains on improved buying interest from domestic oil refineries and plants to meet local demand.

Reports of low and delayed monsoon have created fear in the market that such condition may affect production

NCDEX accredited warehouses soyabean stocks dropped by 3614 tonnes to 8569 tonnes.

At the Indore spot market in top producer MP, soybean gained  32 rupee to 4344 rupee per 100 kgs.