Soyabean settled up 0.75% at 3360 on improved demand in global market despite of favorable weather conditions in growing areas of central India. However, the prices will remain under pressure as there has been some good sowing progress coupled with bearish US markets which has hit a four years levels due to record crop outlook on good weather forecasts. India's soymeal exports slumped to 93,000 ton in Apr-Jul from 518,000 ton a year ago as US, Brazil, and Argentina are offering meal at cheaper rates. As per the latest Kharif sowing survey report published by Ministry of Agriculture, the total sown area as on 22nd August, as per reports received from States, stands at 935.06 lakh hectare as compared to 975.87 lakh hectare at this time last year, which is a significant progress due to steady rainfalls in most belts. The oilseeds area has increased to 168.28 lakh ha compared to 183.31 lakh ha of last year. Soybean area has increased to 109.09 lakh ha., which is significantly above the 5 year average of 95.7 lakh ha but still lower than last year’s high of 121.31 lakh ha. Investors piled on to bearish bets after the U.S. Department of Agriculture estimated this fall's U.S. harvest would reach an all-time high of 3.82 billion bushels on August 12. At the Indore spot market in top producer MP, soybean gained  5 rupee to 3762 rupee per 100 kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 4.76% to settled at 68610 while prices up 25 rupee, now Soyabean is getting support at 3321 and below same could see a test of 3281 level, And resistance is now likely to be seen at 3384, a move above could see prices testing 3407.

Trading Ideas:

Soyabean trading range for the day is 3281-3407.

Soyabean ended with gains on improved demand in global market despite of favorable weather conditions in growing areas of central India.

However, the prices will remain under pressure as there has been some good sowing progress coupled with bearish US markets.

India's soymeal exports slumped to 93,000 ton in Apr-Jul from 518,000 ton a year ago as US, Brazil, and Argentina are offering meal at cheaper rates

At the Indore spot market in top producer MP, soybean gained  5 rupee to 3762 rupee per 100 kgs.