Soyabean settled up 0.2% at 3567 as support seen from spot demand after prices seen pressure due to sluggish exports of soyameal. However, demand from crushers picking up in mandis across M. P & Maharashtra, capped some losses in Soyabean prices to some extent. India's oilmeal exports fell 43 percent in July from a month ago to 115,094 tonnes as castormeal and ricebran meal sales slumped. 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. However, weakness in overseas prices as a bumper US crop this autumn from all-time high acreage and South American harvests combine to replenish global supplies also weighed. India's oilmeal exports fell 43 percent in July from a month ago to 115,094 tonnes as castormeal and ricebran meal sales slumped. As per Solvent Extractors' Association of India the total export of oilmeals during April-July 2014 is at 721,577 tons compared to 1,038,819 tons i. e. down by 31%. Arrivals of soyabean in Madhya Pradesh state gained by 10000 bags of 100kg each to 35000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -10000 bags of 100kg each to 8000 bags of 100kg each. At the Indore spot market in top producer MP, soybean dropped -12 rupee to 3901 rupee per 100 kgs. Technically market is under short covering as market has witnessed drop in open interest by -0.74% to settled at 69710 while prices up 7 rupee, now Soyabean is getting support at 3544 and below same could see a test of 3520 level, And resistance is now likely to be seen at 3588, a move above could see prices testing 3608.

Trading Ideas:

Soyabean trading range for the day is 3520-3608.

Soyabean ended with flat node due to sluggish exports of soyameal.

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

Arrivals of soyabean in Madhya Pradesh state gained by 10000 bags of 100kg each to 35000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped -12 rupee to 3901 rupee per 100 kgs.