Soyabean settled down -2.31% at 4184 on profit booking after gaining tracking firmness in spot demand because of fear of low rains in the coming days and weak supplies.  The demand for soybean seed ahead of the new Kharif season is also supporting the prices. Seed demand may continue to support the prices this week and the prices may gain further. India's rainfall deficiency widens to 48% until Jun 15 due to late start and slow progress of monsoon hitting kharif sowing operations. The IMD has forecasted below normal southwest rainfall this year with 33% of rainfall deficiency in Jun-Sep period. The USDA also lowered 2013-14 US soybean ending stockpiles to 125 million bushels compared previous estimates of 130 million bushels. United States 2014-15 soybean stockpiles were lowered to 325 million bushels compared to previous estimates of 330 million bushels. Framers in key oilseed growing areas across India will start planting of soybean one-week after southwest rainfall. With the forecast of untimely rainfall sowing process is expected to be delayed. Until Jun 15, India received 31.8 mm rains-a departure of 48%-from normal rainfall of 61.4 mm due to slow progress and late onset of monsoon over Kerala coast. At the Indore spot market in top producer MP, soybean dropped -27 rupee to 4336 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 5.3% to settled at 115560, now Soyabean is getting support at 4118 and below same could see a test of 4068 level, And resistance is now likely to be seen at 4266, a move above could see prices testing 4364.

Trading Ideas:

Soyabean trading range for the day is 4073-4369.

Soybean dropped on profit after booking gaining tracking firmness in spot demand because of fear of low rains in the coming days and weak supplies.

The demand for soybean seed ahead of the new Kharif season is also supporting the prices.

NCDEX accredited warehouses soyabean stocks gained by 4406 tonnes to 18392 tonnes.

At the Indore spot market in top producer MP, soybean dropped  -27 rupee to 4336 rupee per 100 kgs.