Soyabean settled down -1.62% at 3697 in the absence of fresh export queries and demand from local oil refiners and plants amid revival of rains in several parts of India improving prospects for sowing. India soymeal exports fell 99% in June to 2,636 tons on weak global demand, the Solvent Extractors Association said. Soybean meal exports dropped to 100,746 tons in April-June compared to 409,507 tons in June 2013. Monsoon became active in northwest region helping to narrow the all India rainfall deficit to 42% from 43% a day earlier, senior official at India Meteorological Department (IMD) told. Farmers in key oilseed growing areas across India will start planting of soybean one-week after commencement of southwest rainfall. Arrivals of soyabean in Maharashtra state dropped by 5000 bags of 100kg each to 15000 bags of 100kg each. Soybean acreage rose 11% at 84.1 million acres, which is 7.4 million acres more than a year ago as reported by USDA on Jun 30. Prices on the CBOT dropped on record high sowing coupled with favourable weather conditions and expectations of a bumper yield. United States soybean sowing hit record of 84.8 million acres, up 11% on year, data release by the US Department of Agriculture showed. At the Indore spot market in top producer MP, soybean dropped  -61 rupee to 4025 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -3.23% to settled at 73410 while prices down -61 rupee, now Soyabean is getting support at 3666 and below same could see a test of 3638 level, And resistance is now likely to be seen at 3739, a move above could see prices testing 3784.

Trading Ideas:

Soyabean trading range for the day is 3638-3784.

Soyabean ended with losses in the absence of fresh export queries and demand from local oil refiners and plants amid revival of rains.

India soymeal exports fell 99% in June to 2,636 tons on weak global demand, the Solvent Extractors Association said.

Arrivals of soyabean in Maharashtra state dropped by 5000 bags of 100kg each to 15000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped  -61 rupee to 4025 rupee per 100 kgs.