Soyabean settled down -1.77% at 3659 following weakness in the overseas markets and subdued exports of soymeal. However, demand from crushers picking up in mandis across M.P & Maharashtra, capped some losses. The international markets continued the weakness on surplus production in US firm up on dry weather concerns affecting yield potentials supported by export orders from China.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. Arrivals of soyabean in Rajasthan state gained by 2000 bags of 100kg each to 12000 bags of 100kg each. With revival of monsoon over Madhya Pradesh, Maharashtra and other states, soyabean sowing is in full swing. Soyabean sowing 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. However, output was almost flat at 12.23 million ton versus 12.03 million ton as unseasonal rains hit the crop. At the Indore spot market in top producer MP, soybean gained  28 rupee to 4208 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 0.03% to settled at 68320 while prices down -66 rupee, now Soyabean is getting support at 3610 and below same could see a test of 3560 level, And resistance is now likely to be seen at 3730, a move above could see prices testing 3800.

Trading Ideas:

Soyabean trading range for the day is 3560-3800.

Soyabean prices ended with losses following weakness in the overseas markets and subdued exports of soymeal.

However, demand from crushers picking up in mandis across M.P & Maharashtra, capped some losses.

NCDEX accredited warehouses soyabean stocks dropped by 958 tonnes to 20781 tonnes.

At the Indore spot market in top producer MP, soybean gained  28 rupee to 4208 rupee per 100 kgs.