Soyabean settled up 1.36% at 3800 on short covering after prices dropped on monsoon rains forecasts and weakness in overseas markets. Though rains are delayed in the region traders feel the losses would be minimum if it rains by July 6. Arrivals of soyabean in Madhya Pradesh state gained by 3000 bags of 100kg each to 25000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by 5000 bags of 100kg each to 20000 bags of 100kg each.

Arrivals of soyabean in Rajasthan state dropped by 1000 bags of 100kg each to 14000 bags of 100kg each. According to Ministry of Agriculture soybean planting as on 26th June is reported at 101,000 ha compared to 177,000 ha last year. There are concerns over below normal monsoon season, emergence of El-Nino and shortage of seeds for kharif 2014 sowing. The Ministry of Agriculture in its 3nd 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 May '14 have declined to 8,226 tn, down 91.47% y-o-y from 96,492 tn on poor demand and lower availability for crushing due to higher Indian quotes for foreign buyers. According to NOPA, soybean crushing in April was reported at 132.667 mn bsh, above expectations of 132.26 mn bsh.

At the Indore spot market in top producer MP, soybean gained 7 rupee to 4131 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 6.99% to settled at 65470 while prices up 51 rupee, now Soyabean is getting support at 3726 and below same could see a test of 3652 level, And resistance is now likely to be seen at 3846, a move above could see prices testing 3892.

Soyabean trading range for the day is 3652-3892.

Soyabean ended with gains on short covering after prices dropped on monsoon rains forecasts and weakness in overseas markets.

Though rains are delayed in the region traders feel the losses would be minimum if it rains by July 6.

Arrivals of soyabean in Madhya Pradesh state gained by 3000 bags of 100kg each to 25000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean gained 7 rupee to 4131 rupee per 100 kgs.

SELL SOYABEAN OCT BELOW 3780 SL 3830 TGT 3740-3710. NCDEX