Soyabean settled down -1.01% at 4098 tracking weakness in spot demand on low soymeal demand. It is very difficult to sustain the prices in the absence of soymeal demand. But traders also feel the prices may not go further down as supplies are low. Also, domestic markets are witnessing good demand for soybean seed before sowing which will support the prices. The government has asked the states to immediately crack down on speculative hoarding, in anticipation of shortages in future, in order to ease the supply of food items. India 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. United States Midwest region may witness favourable conditions for developing soybeans. Soybean production in the world's biggest bean grower is estimate at 98.93 million tons compared to previous forecast and 89.51 million tons a year ago, the US Department of Agriculture said.   Arrivals of soyabean in Madhya Pradesh state dropped by -10000 bags of 100kg each to 30000 bags of 100kg each. Arrivals of soyabean in Maharashtra state gained by 3000 bags of 100kg each to 25000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 2000 bags of 100kg each to 18000 bags of 100kg each. At the Indore spot market in top producer MP, soybean dropped -75 rupee to 4171 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 0.92% to settled at 113930 while prices down -42 rupee, now Soyabean is getting support at 4057 and below same could see a test of 4016 level, And resistance is now likely to be seen at 4159, a move above could see prices testing 4220.

Trading Ideas:

Soyabean trading range for the day is 4015-4219.

Soybean prices ended with losses tracking weakness in spot demand on low soymeal demand.

India 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.

NCDEX accredited warehouses soyabean stocks gained by 3164 tonnes to 23801 tonnes.

At the Indore spot market in top producer MP, soybean dropped  -75 rupee to 4171 rupee per 100 kgs.