Soyabean settled up 0.77% at 3256 on lower acreage and on the concerns about the yield due to delayed rains. Steady rainfall can be witnessed in western parts of India; as per IMD the deficiency rainfall deficiency remained at 16% as on 2nd Sept, from south west monsoon. As per the latest Kharif sowing survey report published by Ministry of Agriculture, the total sown area as on now, as per reports received from States, stands at 966.25 lakh hectare as compared to 998.01 lakh hectare at this time last year, which is a significant progress due to steady rainfalls in most belts. The oilseeds area has increased to 172.21 lakh ha compared to 186.70 lakh ha of last year. Soybean area as per last week has increased to 109.09 lakh ha., which is significantly above the 5 year average of 95.7 lakh ha but still lower than last year’s high of 121.31 lakh ha. Soyabean prices in Nagpur Agriculture Produce and Marketing Committee (APMC) reported moved down on lack of demand from local crushing plants amid high moisture content arrival. Fresh fall in soyabean oil, no takers to soymeal, downward trend on NCDEX and increased arrival in Madhya Pradesh soyabean mandi also pushed down prices, according to sources. At the Indore spot market in top producer MP, soybean dropped  -82 rupee to 3567 rupee per 100 kgs. Technically market is under short covering as market has witnessed drop in open interest by -1.86% to settled at 71660 while prices up 25 rupee, now Soyabean is getting support at 3196 and below same could see a test of 3137 level, And resistance is now likely to be seen at 3297, a move above could see prices testing 3339.

Trading Ideas:

Soyabean trading range for the day is 3137-3339.

Soyabean gained on lower acreage and on the concerns about the yield due to delayed rains.

The total sown area as on now, as per reports received from States, stands at 966.25 lakh hectare as compared to 998.01 lakh hectare

Technically market is under short covering as market has witnessed drop in open interest by -1.11% to settled at 72210

At the Indore spot market in top producer MP, soybean dropped  -82 rupee to 3567 rupee per 100 kgs.