Soyabean yesterday settled down -1.83% at 3000 as high production prospects and weak global demand impacted prices. Buyers are not active as outlook is bearish due to good crop prospects. Market players feel see good and early soybean output this season. Weakness in soy product markets due to selling pressure is also affecting the domestic market sentiment. Arrivals of soyabean in Madhya Pradesh state gained by 10000 bags of 100kg each to 60000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -5000 bags of 100kg each to 20000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 10000 bags of 100kg each to 25000 bags of 100kg each. As per the latest report, at all India level, the sown area under kharif oilseeds is 136 lakh hectares vs 67.7 lakh ha during same period last year. Soybean has been sown at 103 LH vs 54.5 LH during same period last year. As per the latest release from Ministry of Agriculture, the total sowing acreage of soyabean as on 12th July 2013 reported at 103 lakh hectares against 54 lakh hectares in the same time last year. This is mainly due to strong sowing in both Madhya Pradesh and Rajasthan. Similarly, the total exports of soyameal were also declined sharply in the current month. At the Indore spot market in top producer MP, soybean dropped -88 rupee to 3401 rupee per 100 kgs. Now Soyabean is getting support at 2981 and below same could see a test of 2961 level, And resistance is now likely to be seen at 3030, a move above could see prices testing 3059.

Trading Ideas:

Soyabean trading range for the day is 2963-3061.

Soyabean ended with losses as high production prospects and weak global demand impacted prices.

Buyers are not active as outlook is bearish due to good crop prospects.

NCDEX accredited warehouses soyabean stocks dropped by 11062 tonnes to 2161 tonnes.

At the Indore spot market in top producer MP, soybean dropped -88 rupee to 3401 rupee per 100 kgs.