Soyabean settled down -0.63% at 3861 on poor buying and expectations of higher output from the major producing belts too influenced the commodity prices, though hope of higher demand for both soyabean and soyaoil during the ensuing marriage season capped the losses to some extent. Dropped seen following weak cues from soybean futures in the United States, where they are expecting a bumper South American crop. Prospects of higher rapeseed production in India and the conducive weather also added to the downside. Soybean production in Brazil and Argentina is likely to be a record this year. Iran remained the largest buyer of the pricier Indian soyameal during January at 99,000 tonnes, followed by Korea at 68,850 tonnes and Europe at 44,500 tonnes. Other large buyers during the period were Saudi Arabia at 17,675 tonnes and Croatia at 9,066 tonnes. During the current oil year starting October, the total soyameal exports till January stood at 15.49 lakh tonnes against 16.99 lakh tonnes, a decline of 8.83 per cent. Indian exporters are facing a drop in enquires ahead of the impending large soyabean harvest in South America as buyers have taken a wait-and-watch stance. Large producers Brazil and Argentina are projected to harvest 90 million tonnes and 50 mt, respectively. At the Indore spot market in top producer MP, soybean dropped -9 rupee to 3998 rupee per 100 kgs. Technically market is getting support at 3846 and below same could see a test of 3831 level, And resistance is now likely to be seen at 3878, a move above could see prices testing 3895.

Trading Ideas:

Soyabean trading range for the day is 3830-3894.

Soyabean dropped on over supply woes after USDA forecasted record Brazil bean output and raised world's ending stockpiles

The USDA report showed good supply of the bean on the global front which will keep the prices under pressure.

NCDEX accredited warehouses soyabean stocks gained by 20 tonnes to 239 tonnes.

At the Indore spot market in top producer MP, soybean dropped -9 rupee to 3998 rupee per 100 kgs.