Soyabean settled down -0.68% at 3811 dropped on the expectations of a pickup in the sowing activities. But, demand from crushers and meal exporters picking up in mandis across M.P & Maharashtra, capped some losses in Soyabean prices. The supplies are slow as suppliers are expecting a rally in prices in the coming season. As per the latest date released by the Ministry of Agriculture, the oilseed sowing is around 38.07 lakh hectares compared to 149.82 lakh hectares. 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 fell to 3.8 million hectare until Jul 17 from 13.63 million hectare a year ago, data by the government showed. Southwest monsoon, the lifeline of Indian economy, started with a weak note as it reached Kerala on Jun 5 compared to Jun 1 normally and progressed slowly to other parts of the country. Soybean production may jump to 301.9 million tons from 284.11 million tons. Brazil’s harvest may climb to 90 million tons from 86.5 million and Argentina may gather 56 million tons from 55 million a year earlier. The inventories will be at a record 85.31 million tons. At the Indore spot market in top producer MP, soybean gained  20 rupee to 4217 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -5.87% to settled at 75640 while prices down -26 rupee, now Soyabean is getting support at 3770 and below same could see a test of 3734 level, And resistance is now likely to be seen at 3851, a move above could see prices testing 3896.

Trading Ideas:

Soyabean trading range for the day is 3735-3897.

Soyabean prices dropped on the expectations of a pickup in the sowing activities.

But, demand from crushers and meal exporters picking up in mandis across M.P & Maharashtra, capped some losses.

NCDEX accredited warehouses soyabean stocks dropped by 4278 tonnes to 27702 tonnes.

At the Indore spot market in top producer MP, soybean gained  20 rupee to 4217 rupee per 100 kgs.