Soyabean settled down -0.71% at 3652 on subdued exports of soymeal and weak cues from global markets. However downside seen limited on good demand from crushers followed up strong dollar against domestic currency. The sowing progress in western parts of India is likely to restrict the upward movement. The international markets dipped on steady production estimates in US markets. As per the latest date released by the Ministry of Agriculture, oilseed planting have improved from previous week's 107.8 lakh hectare to 137.36, compared but lower from last year’s figure of 173.21 lakh hectares. India soybean sowing until Aug 1 at 9.53 million hectare compared to 11.73 million hectare for the corresponding period a year ago, a government data showed.  Oilseeds acreage stood at 13.73 million hectare down from 16.97 million hectare a year ago due to lower sowing of soybean, a major kharif oilseed.  The oilseed prices downside seen limited tracking global cues on dry weather condition in United States which may hamper soy crop of the world's biggest bean producer. Arrivals of soyabean in Madhya Pradesh state dropped by -5000 bags of 100kg each to 30000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -5000 bags of 100kg each to 10000 bags of 100kg each. At the Indore spot market in top producer MP, soybean dropped  -34 rupee to 4072 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 5.57% to settled at 65430 while prices down -26 rupee, now Soyabean is getting support at 3627 and below same could see a test of 3601 level, And resistance is now likely to be seen at 3687, a move above could see prices testing 3721.

Trading Ideas:

Soyabean trading range for the day is 3601-3721.

Soyabean ended with losses on subdued exports of soymeal and weak cues from global markets.

However downside seen limited on good demand from crushers followed up strong dollar against domestic currency.

India soybean sowing until Aug 1 at 9.53 million hectare compared to 11.73 million hectare for the corresponding period a year ago.

At the Indore spot market in top producer MP, soybean dropped  -34 rupee to 4072 rupee per 100 kgs.