Soyabean settled down -1.27% at 4046 on low demand and higher global production estimates. Buyers are not showing confidence due to lack of soymeal demand. But traders also feel the prices have seen their bottom and may not show major downward movement. Also, domestic markets are witnessing good demand for soybean seed before sowing which will support the prices. Arrivals of soyabean in Madhya Pradesh state dropped by -10000 bags of 100kg each to 30000 bags of 100kg each. Arrivals of soyabean in Maharashtra state gained by 3000 bags of 100kg each to 25000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 2000 bags of 100kg each to 18000 bags of 100kg each. Slow and steady sowing progress continued across the western parts of the country.U.S. soybean did pick up on export order. Soybeans gapped sharply higher early in the session due to a U.S. Agriculture Department announcement that exporters had sold 140,000 tonnes of soybeans for delivery in the 2013/14 crop year, further depleting tight domestic supplies. Soybean meal exports are projected at 11.5 million short tons, up 0.4 million from last month reflecting stronger-than-expected shipments this spring. Soybean ending stocks for 2013/14 are projected at 125 million bushels, down 5 million from last month. At the Indore spot market in top producer MP, soybean dropped  -34 rupee to 4137 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 3.57% to settled at 115820, now Soyabean is getting support at 4002 and below same could see a test of 3969 level, And resistance is now likely to be seen at 4102, a move above could see prices testing 4169.

Trading Ideas:

Soyabean trading range for the day is 3972-4172.

Soybean prices ended down on low demand and higher global production estimates.

Also, domestic markets are witnessing good demand for soybean seed before sowing which is limiting the downsides.

NCDEX accredited warehouses soyabean stocks gained by 2049 tonnes to 25850 tonnes.

At the Indore spot market in top producer MP, soybean dropped  -34 rupee to 4137 rupee per 100 kgs.