Soyabean yesterday settled up 1.83% at 3234 as rally was seen as the monsoon at Kerala and adjoining areas of India giving initial signal of timely arrival and possibility of normal precipitation in the country. Soybean prices were largely unchanged amid increased supplies and gains in overseas markets. Buying was slightly weak as the crop prospects have improved on favourable weather. Traders feel that new crop is a month away if conditions remain favourable. Arrivals of soyabean in Madhya Pradesh state dropped by -35000 bags of 100kg each to 25000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -5000 bags of 100kg each to 15000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 1000 bags of 100kg each to 8000 bags of 100kg each. As per the SEA of India data, the export of oil meals during June 2013 is reported at 348,946 tons compared to 311,089 tons in June 2012 i. e. up by 12%. However, the total export of oil meals during April-June 2013 is down and reported at 850,951 tons compared to 1,074,034 tons during the same period of last year. The strong demand was mainly due to weak supplies in local mandies. The market data revealed that the overall arrivals of the soyabean have been reduced to 0.40-0.50 lakh bags , down 10-15% from the last week. This is mainly due to lack of market participation of farmers at lower levels. At the Indore spot market in top producer MP, soybean gained 25 rupee to 3592 rupee per 100 kgs. Now Soyabean is getting support at 3170 and below same could see a test of 3106 level, And resistance is now likely to be seen at 3285, a move above could see prices testing 3336.

Trading Ideas:

Soyabean trading range for the day is 3110-3340.

Soyabean ended with gains as rally was seen as the monsoon at Kerala and adjoining areas of India giving initial signal of timely arrival

Soybean prices were largely unchanged amid increased supplies and gains in overseas markets.

Arrivals of soyabean in Madhya Pradesh state dropped by -35000 bags of 100kg each to 25000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean gained 25 rupee to 3592 rupee per 100 kgs.