Soybean prices settled flat as the growing areas are witnessing rains and beginning of sowing. Rains are not even on all areas but many have sufficient rains to begin sowing now. According, to traders sowing has begun in many areas in Madhya Pradesh like Indore, Dewas, Sagar, Khurai, Khandwa etc. Traders feel though the sowing is delayed farmers would compensate that by sowing 60 day seeds (9560) in most areas. The early growing variety would balance the losses caused by delay in sowing. Arrivals of soyabean in Madhya Pradesh state dropped by 3000 bags of 100kg each to 17000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 2000 bags of 100kg each to 12000 bags of 100kg each. In a report out Friday, the U.S. Department of Agriculture estimates that this season's soybean harvest could reach a record 3.8 billion bushels, which is 165 million bushels higher than its estimate last month. According to Ministry of Agriculture soybean planting as on now 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. At the Indore spot market in top producer MP, soybean gained  13 rupee to 4071 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 3.21% to settled at 80350 while prices up 3 rupee, now Soyabean is getting support at 3664 and below same could see a test of 3634 level, And resistance is now likely to be seen at 3726, a move above could see prices testing 3758.

Trading Ideas:

Soyabean trading range for the day is 3632-3756.

Soybean prices settled flat as the growing areas are witnessing rains and beginning of sowing.

Rains are not even on all areas but many have sufficient rains to begin sowing now.

NCDEX accredited warehouses soyabean stocks gained by 718 tonnes to 40525 tonnes.

At the Indore spot market in top producer MP, soybean gained  13 rupee to 4071 rupee per 100 kgs.