Soyabean settled down -0.19% at 3725 tracking weakness in physical markets amid dull trade due to rains and sowing progress. Rains disrupted participation from both buyers and sellers. Also, sowing has picked up well in most growing areas and traders feel this is putting some pressure on prices. According to sources, 80% sowing is complete and the remaining will get over by the end of this week. But fear of supply shortage is may act as a big support to prices in the coming days. At Badnagar market in Madhya Pradesh arrivals were reported at 1000 quintals, up by 500 quintals as compared to previous day. At Kota market sources reported arrivals at 15000 Bags, unchanged as compared to previous day’s arrival. Soybean sowing is in full swing and likely to be completed by the end of the month, though total acreage may be lower than last year. With revival of monsoon over Madhya Pradesh, Maharashtra and other states, soyabean sowing is in full swing. Soyabean sowing until now stood at 1.95 million hectare versus 10.05 million hectare a year ago, agriculture ministry data showed. Sowing is likely to be completed by the month-end and may be lower than last year due to delayed and weak rains. During 2013-14, all India soy acreage rose to 12.03 million hectare up from 10.69 million hectare a year ago, according to SOPA. At the Indore spot market in top producer MP, soybean dropped -38 rupee to 4180 rupee per 100 kgs. Market is under long liquidation as market has witnessed drop in open interest by -3.67% to settled at 68300, now Soyabean is getting support at 3704 and below same could see a test of 3683 level, And resistance is now likely to be seen at 3743, a move above could see prices testing 3761.

Trading Ideas:

Soyabean trading range for the day is 3683-3761.

Soybean prices ended with losses tracking weakness in physical markets amid dull trade due to rains and sowing progress.

Soyabean sowing until now stood at 1.95 million hectare versus 10.05 million hectare a year ago, agriculture ministry data showed.

Sowing is likely to be completed by the month-end and may be lower than last year due to delayed and weak rains.

At the Indore spot market in top producer MP, soybean dropped  -38 rupee to 4180 rupee per 100 kgs.