Soyabean settled down by -2.11% at 3066 due to sluggish demand in the spot markets. However downside seen limited on drier forecasts and anticipation the US government will lower planted acreage estimates for this year's crop in its August report. According to the latest release from GOI, total sown area under Kharif oilseeds as on 31st July is 148.52 lakh ha. Area coverage is higher by 15.7 lakh hectares versus last year same period. Soybean is sown at 104.81 lakh ha as compared to the normal sown area of 89.10 lakh ha. The Soybean Processors Association of India (SOPA) officials are currently expecting soybean production between 100 and 110 lakh hectare. The processing units in Argentina have crushed a record 18.5 million tonnes of soybeans in the first 6 months of the year, which is more than same period last season by approximately 1%. As reported in the US soybean crop progress report, dated July 26, about 71% of the crop is blooming which is slightly lower than the 5 year and last year average of 72% and 74% respectively. About 34% of the crop is reportedly in pod formation stage which is higher with 5 year average of 31%, but slightly below from 35% in last year. 62% of the soy crop is in good to excellent condition as against 71% during the same period last year. At the Indore spot market in top producer MP, soybean dropped -16 rupee to 3209 rupee per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -8.24% to settled at 47680, now Soyabean is getting support at 3018 and below same could see a test of 2970 level, And resistance is now likely to be seen at 3127, a move above could see prices testing 3188.

Trading Ideas:

Soyabean trading range for the day is 2970-3188.

Soyabean prices ended with losses due to sluggish demand in the spot markets.

However downside seen limited on drier forecasts and anticipation the US government will lower planted acreage estimates for this year's crop.

According to the latest release from GOI, total sown area under Kharif oilseeds as on 31st July is 148.52 lakh ha.

At the Indore spot market in top producer MP, soybean dropped -16 rupee to 3209 rupee per 100 kgs.