Soyabean settled up 0.68% at 3410 on concerns of lower output after lower than expected rains over central India. However, weak global markets and sluggish export demand for soymeal, capped some gains in soyabean prices. As per latest Kharif sowing survey report published by Ministry of Agriculture, total sown area as on now as per reports received from States, stands at 876.70 lakh hectare vs 928.03 hectare at this time last year, which is a significant progress due to steady rainfalls in most belts. The oilseeds area has increased to 163.09 lakh ha compared to 182.32 lakh ha of last year. Soybean area has increased to 107.77 lakh ha., which is significantly above the 5 year average of 95.7 lakh ha but still lower than last year’s high of 121.04 lakh ha.  Arrivals of soyabean in Madhya Pradesh state gained by 5000 bags of 100kg each to 25000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by 1000 bags of 100kg each to 7000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 8000 bags of 100kg each to 15000 bags of 100kg each. Soybean meal exports are down 400,000 tons to 3.0 million as lower production reduces crush and exportable supplies. Overall, US soybean crop is reported under good condition. At the Indore spot market in top producer MP, soybean dropped  -15 rupee to 3846 rupee per 100 kgs. Technically market is under short covering as market has witnessed drop in open interest by -2.59% to settled at 71120 while prices up 23 rupee, now Soyabean is getting support at 3386 and below same could see a test of 3361 level, And resistance is now likely to be seen at 3433, a move above could see prices testing 3455.

Trading Ideas:

Soyabean trading range for the day is 3361-3455.

Soyabean settled up on concerns of lower output after lower than expected rains over central India.

Total sown area as on now as per reports received from States, stands at 876.70 lakh hectare vs 928.03 hectare at this time last year.

Arrivals of soyabean in Madhya Pradesh state gained by 5000 bags of 100kg each to 25000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped  -15 rupee to 3846 rupee per 100 kgs.