"Soyabean settled down -2.62% at 3270 as pressure seen due to favourable weather conditions in the soybean growing areas of central India. Soyabean prices also dropped as ongoing expectations for a record U.S. harvest weighed. Investors piled on to bearish bets after the U.S. Department of Agriculture estimated this fall's U.S. harvest would reach an all-time high of 3.82 billion bushels. Arrivals of soyabean in Madhya Pradesh state gained by 5000 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. The prices remained under pressure as there has been some good sowing progress coupled with bearish US markets which has hit a four years levels due to record crop outlook on good weather forecasts. Soybean exports from the U.S. are set to accelerate in the next few months as farmers harvest the biggest crop. U.S. soybean exports will climb to a record 46.3 million metric tons in the 2014-15 marketing season that starts Sept. 1 from 44.65 million tons a year earlier. Global soybean output will total 306.7 million tons. US soybean crop is likely to be disposed of quickly in the first four to six months of the new season as Brazil’s stocks are low. At the Indore spot market in top producer MP, soybean dropped  -61 rupee to 3701 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 4.15% to settled at 71350 while prices down -88 rupee, now Soyabean is getting support at 3240 and below same could see a test of 3209 level, And resistance is now likely to be seen at 3320, a move above could see prices testing 3369. "

Trading Ideas:

Soyabean trading range for the day is 3209-3369.

Soyabean prices ended with losses as pressure seen due to favourable weather conditions in the soybean growing areas of central India.

Soyabean prices also dropped as ongoing expectations for a record U.S. harvest weighed.

Arrivals of soyabean in Madhya Pradesh state gained by 5000 bags of 100kg each to 25000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped  -61 rupee to 3701 rupee per 100 kgs.