Soyabean settled up 1.3% at 3737 on strong demand from China, on delay in sowing in major bean producing area in the country. United States private exporters reported 120,000 tons of soybeans exports sales to China during the 2013-14 marketing year, the US Department of Agriculture. India soybean sowing until Jul 11 at 786,000 hectare compared to 8.35 million hectare for the corresponding period a year, data by the government showed. The supplies in the local market have dried off with concerns of weak monsoon impacting the sowing progress, resulting in price hikes in post harvest season.

Southwest monsoon covered more parts of Gujarat and Rajasthan during the last 24 hours giving relief to farmers and will cover more parts of the country in the next 48 hours, the India Meteorological Department said. According, to sources sowing has begun in many areas in According to traders, rains have covered most of the soybean growing areas and sowing has gained pace. Arrivals of soyabean in Madhya Pradesh state dropped by 3000 bags of 100kg each to 10000 bags of 100kg each.

Arrivals of soyabean in Maharashtra state dropped by 5000 bags of 100kg each to 10000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -3000 bags of 100kg each to 9000 bags of 100kg each. At the Indore spot market in top producer MP, soybean gained 20 rupee to 4088 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 1% to settled at 77690 while prices up 48 rupee, now Soyabean is getting support at 3697 and below same could see a test of 3668 level, And resistance is now likely to be seen at 3751, a move above could see prices testing 3776.

Trading Ideas:

Soyabean trading range for the day is 3672-3780.

Soyabean prices gained on strong demand from China, on delay in sowing in major bean producing area in the country.

United States private exporters reported 120,000 tons of soybeans exports sales to China during the 2013-14 marketing year.

NCDEX accredited warehouses soyabean stocks dropped by 265 tonnes to 40829 tonnes.

At the Indore spot market in top producer MP, soybean gained 20 rupee to 4088 rupee per 100 kgs.