Soyabean settled down -0.49% at 4283 amid profit booking on subdued demand from local oil crushers and rainfall in US Midwest region boost prospects of higher yield. However, expectations of lower production after the reports showed low and delayed monsoon, capped losses in soyabean prices to some extent. Demand for soybean seed ahead of the new Kharif season also limiting the downside. Seed demand may continue to support the prices this week and the prices may gain further.  Arrivals of soyabean in Madhya Pradesh state gained by 5000 bags of 100kg each to 30000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -3000 bags of 100kg each to 15000 bags of 100kg each. The world's biggest bean grower, production is estimated at 98.93 million tons compared to previous forecast and 89.51 million tons a year ago, the US Department of Agriculture said. India soybean oilmeal exports dropped to 8,226 tons in May compared to 96,492 tons in May 2013, data from the Solvent Extractors Association of India showed. India’s oilmeal shipments almost halved in May from the corresponding period to 153,761 tonnes due to a plunge in soy meal shipments. India’s soy meal exports plunged to 8,226 tonnes in May from 96,492 tonnes during the same period last year. At the Indore spot market in top producer MP, soybean dropped  -1 rupee to 4363 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -0.62% to settled at 109740 while prices down -21 rupee, now Soyabean is getting support at 4258 and below same could see a test of 4233 level, And resistance is now likely to be seen at 4308, a move above could see prices testing 4333.

Trading Ideas:

Soyabean trading range for the day is 4233-4333.

Soyabean ended with losses amid profit booking on subdued demand from local oil crushers.

However, expectations of lower production after the reports showed low and delayed monsoon, capped losses in soyabean prices.

NCDEX accredited warehouses soyabean stocks gained by 1111 tonnes to 13986 tonnes.

At the Indore spot market in top producer MP, soybean dropped  -1 rupee to 4363 rupee per 100 kgs.