Soyabean settled down -1.97% at 3441 due to poor buying support at higher prices. Further, expectations that higher yield following forecasts by the US government for the harvest this year to climb to a record too also weighed. Prices of bean were also pressurised on higher sowing in United States, biggest bean producing country. India's soybean sowing was at 10.77 million hectare until Aug 14 as compared to 10.3 million hectare a week ago, data showed. US private exporters reported soybean sales of 110,000 tons to China for delivery during the 2014-15 marketing year, the US Department of Agriculture said. US farmers will harvest record soy crop of 3.816 billion bushels in August compared to 3.8 billion bushels in July while the yield is also likely to hit record of 45.4 bushels per acreage compared to 45.2 bushel per acreage a month ago, data from United States Department of Agriculture (USDA) showed. United States August soybean ending stockpiles was estimated at 430.0 million bushels compared to 415.0 million bushels in July. Arrivals of soyabean in Madhya Pradesh state gained by 3000 bags of 100kg each to 25000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by 1000 bags of 100kg each to 7000 bags of 100kg each. At the Indore spot market in top producer MP, soybean dropped  -55 rupee to 3885 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -3.96% to settled at 73300 while prices down -69 rupee, now Soyabean is getting support at 3403 and below same could see a test of 3364 level, And resistance is now likely to be seen at 3503, a move above could see prices testing 3564.

Trading Ideas:

Soyabean trading range for the day is 3364-3564.

Soyabean ended with losses due to poor buying support at higher prices.

Prices of bean were also pressurised on higher sowing in United States, biggest bean producing country.

India's soybean sowing was at 10.77 milion hectare until Aug 14 as compared to 10.3 million hectare a week ago

At the Indore spot market in top producer MP, soybean dropped  -55 rupee to 3885 rupee per 100 kgs.