Soyabean settled up 2.29% at 3837 on expectations of lower output due to poor monsoon in key growing states. Prices seen supported on demand from crushers and meal exporters picking up in mandis across M. P & Maharashtra. The supplies are slow as suppliers are expecting a rally in prices in the coming season. As per per the latest date released by the Ministry of Agriculture, the oilseed sowing is around 14.49 lakh hectares down from a bumper sowing of 110.27 lakh hectares last year during the same period. However, the gains were capped by poor exports demand for soymeal and expectations of higher global supplies due to crop-friendly weather condition across the US Midwest. Arrivals across Madhya Pradesh were about 35,000-40,000 bags of 90 kilograms each compared to 10,000-15,000 bags of 90 kilograms compared to Saturday. In Indore, arrivals were about 3,000 bags of 90 kilograms each. India soybean sowing fell to 3.8 million hectare until Jul 17 from 13.63 million hectare a year ago, data by the government showed. Threat to kharif crops will still remain as rains are delayed and may hamper acreage as well as yield. Rainfall condition has improved but sowing has been delayed which will continue to support the prices. At the Indore spot market in top producer MP, soybean gained 97 rupee to 4197 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 3.87% to settled at 80460 while prices up 86 rupee, now Soyabean is getting support at 3756 and below same could see a test of 3685 level, And resistance is now likely to be seen at 3873, a move above could see prices testing 3919.

Trading Ideas:

Soyabean trading range for the day is 3688-3922.

Soyabean prices gained on expectations of lower output due to poor monsoon in key growing states.

Prices seen supported on demand from crushers and meal exporters picking up in mandis across M. P & Maharashtra.

NCDEX accredited warehouses soyabean stocks dropped by 5958 tonnes to 31980 tonnes.

At the Indore spot market in top producer MP, soybean gained 97 rupee to 4197 rupee per 100 kgs.