Soyabean yesterday we have seen that market has moved 0.72% as improved domestic as well as export demand supported prices amid limited supply from the growing regions. However, expectations of higher production in the major producing area capped the gains. India's southwest monsoon rains, which usually last for four months and are vital for the farm-dependent economy, are forecast to hit Kerala's coast in the first week of June. Timely progress of the monsoon over soybean-growing areas of central India will boost prospects of better output for the main summer season oilseed crop by giving sufficient time to mature. India grows soybeans in summer and harvests the oilseed crop after the monsoon season ends in September. Until then, the country has to rely on soyoil imports from Latin America to meet domestic demand. India's soy meal exports M/M fell 67% in April 2013, according to the Solvent Extractors' Association of India (SEA of India). Arrivals of soyabean in Madhya Pradesh state gained by 10000 bags of 100kg each to 40000 bags of 100kg each. Arrivals of soyabean in Maharashtra 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 -28 Rs to 3920Re per 100 kgs. Market has opened at 3812 & made a low of 3800 versus the day high of 3849. The total volume for the day was at 48140 lots and the open interest was at 58060. Support for soyabean is at 3803 below that could see a test of 3777. Resistance is now seen at 3852 above that could see a resistance of 3875.

Trading Ideas:

Soybean trading range for the day is 3777-3875.

Soyabean ended with gains as improved domestic as well as export demand supported prices amid limited supply.

However, expectations of higher production in the major producing area capped the gains.

NCDEX accredited warehouses soyabean stocks gained by 60 tonnes to 23543 tonnes.

At the Indore spot market in top producer MP, soybean dropped -28 Rs to 3920Re 100 kgs.