Soyabean settled flat on the concerns about delayed sowing in the central India due to subdued rainfall. Soybean output is expected to rise to record 3.8 billion bushels on yields of 45.2 bushels an acre, the USDA said, beating expectation of 3.78 billion bushels and also government's forecast. Trade is dull as farmers are busy in fields for sowing and buyers want to be cautious due to low demand for soy products. 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 -4000 bags of 100kg each to 13000 bags of 100kg each. The supplies have dried off with concerns of weak monsoon impacting the sowing progress, resulting in price hikes in post harvest season. If the rains are further delayed, a higher drop in production figures can be expected.As per IMD reports, there are prospects of Monsoon covering entire India over next 2-3 days. Soybean stockpiles in Brazil, the world’s top exporter, have declined from last year even after farmers harvested a record crop because of increasing demand from overseas buyers. At the Indore spot market in top producer MP, soybean dropped  -3 rupee to 4068 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -3.43% to settled at 77450, now Soyabean is getting support at 3664 and below same could see a test of 3642 level, And resistance is now likely to be seen at 3713, a move above could see prices testing 3740.

Trading Ideas:

Soyabean trading range for the day is 3642-3740.

Soyabean settled flat on the concerns about delayed sowing in the central India due to subdued rainfall.

Soybean output is expected to rise to record 3.8 billion bushels on yields of 45.2 bushels an acre, the USDA said, beating expectation of 3.78 billion bushels.

NCDEX accredited warehouses soyabean stocks gained by 569 tonnes to 41094 tonnes.

At the Indore spot market in top producer MP, soybean dropped  -3 rupee to 4068 rupee per 100 kgs.