Soyabean settled up 0.22% at 3575 on strong China demand for United States soybean amid caution ahead of monthly production and stockpiles data by United States Department of Agriculture (USDA). However upside seen limited on account of dull demand owing to favorable weather condition for soybean crop. The physical mandis remained steady, however, the bearish tinge were prevalent across the board on account of poor trading activities amid slow exports of soymeal. India's oilmeal exports fell 43 percent in July from a month ago to 115,094 tonnes as castormeal and ricebran meal sales slumped. China, the world's largest soy buyer, imported 7.47 million tonnes of soybeans in July, up 17 percent from June and exceeding an earlier official forecast, figures from the General Administration of Customs of China showed. US private exporters reported soybean sales of 168,000 tons to China for delivery during the 2014-15 marketing year, the US Department of Agriculture said. India soybean sowing till Aug 8 stood at 10.3 million hectare compared to 9.53 million hectare a week ago, a government data showed. Arrivals of soyabean in Madhya Pradesh state dropped by 13000 bags of 100kg each to 22000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by 2000 bags of 100kg each to 8000 bags of 100kg each. At the Indore spot market in top producer MP, soybean gained 21 rupee to 3922 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 0.01% to settled at 69720 while prices up 8 rupee, now Soyabean is getting support at 3552 and below same could see a test of 3530 level, And resistance is now likely to be seen at 3592, a move above could see prices testing 3610.

Trading Ideas:

Soyabean trading range for the day is 3530-3610.

Soyabean settled up 0.34% at 3579 on strong China demand for US soybean amid caution ahead of monthly production and stockpiles data by USDA.

However upside seen limited on account of dull demand owing to favorable weather condition for soybean crop.

Arrivals of soyabean in Madhya Pradesh state dropped by 13000 bags of 100kg each to 22000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean gained 21 rupee to 3922 rupee per 100 kgs.