Soyabean settled up 0.63% at 3824 on fresh buying as planting delays in the central part of the country. India's monsoon rainfall was 53 percent below average for the week ended July 4, the fourth straight week of poor rains after a delayed onset. While Internationally Soybean prices tumbled to a three-month low in the Chicago futures markets on Monday after the government estimated farmers will plant a record 84.84 million acres this year, sharply higher than the average forecast of about 82 million acres and the USDA's prior forecast in March for about 81.49 million acres. The USDA attributed the soybean planting increase to "much improved" seeding conditions over the spring compared with a year earlier. Planting of soybeans was 95% complete as of June 22, ahead of last year's pace, when wet weather delayed sowing in much of the country. Many U. S. farmers planted soybeans this year instead of corn because prices for the oilseed have been more favorable. However, in the domestic market lower sowing, below normal rains till date and tight supply of soybean seeds supported prices at lower levels. CCEA has kept the MSP of soybean unchanged at Rs. 2500-2560/qtl. According to Ministry of Agriculture soybean planting as on 26th June is reported at 101,000 ha compared to 177,000 ha last year. There are concerns over below normal monsoon season, emergence of El-Nino and shortage of seeds for kharif 2014 sowing. The Ministry of Agriculture in its 3rd Advance Estimates, projected 2013-14 soybean output at 11.9 mn tn as against 14.67 mn tn in 2012-13. Soymeal exports in May ’14 have declined to 8,226 tn, down 91.47% y-o-y from 96,492 tn on poor demand and lower availability for crushing due to higher Indian quotes for foreign buyers. Technically market is under fresh buying as market has witnessed gain in open interest by 9.97% to settled at 72000 while prices up 24 rupee, now Soyabean is getting support at 3794 and below same could see a test of 3765 level, And resistance is now likely to be seen at 3854, a move above could see prices testing 3885.

Soyabean trading range for the day is 3765-3885.

Soyabean recovered on fresh buying as planting delays in the central part of the country

India's monsoon rainfall was 53% below average, the fourth straight week of poor rains after a delayed onset.

USDA's estimate for soybean stockpiles also surprised market watchers because demand for the oilseeds has been strong.

At the Indore spot market in top producer MP, soybean remains unchanged at 0 rupee to 4126 rupee per 100 kgs.

SELL SOYABEAN OCT BELOW 3800 SL 3836 TGT 3768-3735. NCDEX