Soyabean settled down -0.5% at 3387 due to poor export demand for soymeal and on some recovery in the area under cultivation due to recent rains. Prices of beans were also pressurised on higher sowing in United States. The demand queries for meal remained low keeping the prices under pressure. The international markets also closed on a bearish note. The USDA estimated the U.S. soybean crop at a record of 3.82 billion bushels, up 16 percent on the year. As per Solvent Extractors’ Association of India the total export of oilmeals during April-July 2014 is at 721,577 tons compared to 1,038,819 tons i.e. down by 31%. In July 2014 export of oilmeals stood at 115,094 tons compared to 182,133 tons in July 2013 i.e. down by 37%. Export of soybean meal greatly reduced in last 3 months due to high cost of soybean in local market lead to total disparity for soybean meal in international market. However, share of rapeseed meal has increased from 267,461 to 408,410 in last 4 months. U.S. soybeans was rated 71% good and excellent condition until August 18 the best rating for this time of the year since at least 1995, higher than 70% a week ago. At the Indore spot market in top producer MP, soybean dropped  -18 rupee to 3861 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -0.41% to settled at 73010 while prices down -17 rupee, now Soyabean is getting support at 3346 and below same could see a test of 3305 level, And resistance is now likely to be seen at 3459, a move above could see prices testing 3531.

Trading Ideas:

Soyabean trading range for the day is 3305-3531.

Soyabean ended with losses due to poor export demand for soymeal and on some recovery in the area under cultivation due to recent rains.

Prices of beans were also pressurised on higher sowing in United States.

The USDA estimated the U.S. soybean crop at a record of 3.82 billion bushels, up 16 percent on the year.

At the Indore spot market in top producer MP, soybean dropped  -18 rupee to 3861 rupee per 100 kgs.