Soyabean settled down -0.68% at 3634 on subdued exports of soymeal and weak cues from global markets. However, demand from crushers picking up in mandis across M. P & Maharashtra, capped some losses in Soyabean prices to some extent. The international markets continued the weakness on surplus production in US firm up on dry weather concerns affecting yield potentials supported by export orders from China. As per the latest date released by the Ministry of Agriculture, the oilseed sowing is around 38.07 lakh hectares compared to 149.82 lakh hectares.

Soybean planting until now was 7.77 million hectare compared to 1.95 million hectare a week ago, a government data showed. With revival of monsoon over Madhya Pradesh, Maharashtra and other states, soybean sowing has commenced in full swing. Rains lashed major portion of the country reducing the deficit to 24% until Jul 29 from 25% a day earlier, the India Meteorological Department (IMD) said. The IMD had predicted 93% of long term average rains with 9% plus/minus error for July. Soyabean arrivals across Madhya Pradesh were about 40,000 bags of 90 kilograms each compared to 25,000 bags of 90 kilograms compared to previous day.

Sowing is likely to be completed by the month-end and may be lower than last year due to delayed and weak rains. At the Indore spot market in top producer MP, soybean dropped -19 rupee to 4189 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 5.56% to settled at 72120 while prices down -25 rupee, now Soyabean is getting support at 3619 and below same could see a test of 3603 level, And resistance is now likely to be seen at 3656, a move above could see prices testing 3677.

Trading Ideas:

Soyabean trading range for the day is 3603-3677.

Soyabean prices dropped on subdued exports of soymeal and weak cues from global markets.

Soybean planting until now was 7.77 million hectare compared to 1.95 million hectare a week ago, a government data showed.

NCDEX accredited warehouses soyabean stocks dropped by 16168 tonnes to 4613 tonnes.

At the Indore spot market in top producer MP, soybean dropped -19 rupee to 4189 rupee per 100 kgs.