Soyabean settled down by -1.93% at 3193 due to approaching harvest season of India and the US. Pressure also seen on prices due to on weak demand in export market and on higher supply of the crop from United States. An USDA report had indicated last week that the US crop condition was stable. India soymeal exports in the month of August dropped 72.35% from a year earlier on higher prices of the soybean in the local market, data released from Solvent Extractors Association of India (SEA) showed. Prices of the bean were also down after the United States department of agriculture (USDA) rose 2015-16 United States soybean production forecast while hiked its forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report. The USDA hiked US, the world's biggest bean grower, 2015-16 production estimates to 106.6 million tons compared to 105.7 in the previous month estimates and 108 million tons a year ago. USDA hiked its forecast for 2014-15 US soybean ending stockpiles to 470 million bushels compared to 425 million bushels in the previous month and 240 million bushels a year ago. The 4th estimate released by the GOI indicated lower than the estimated production for Indian soybean. At the Indore spot market in top producer MP, soybean dropped -34 rupee to 3359 rupee per 100 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -4.78% to settled at 65790 while prices down -63 rupee, now Soyabean is getting support at 3164 and below same could see a test of 3134 level, And resistance is now likely to be seen at 3242, a move above could see prices testing 3290.

Trading Ideas:

Soyabean trading range for the day is 3134-3290.

Soyabean prices dropped due to approaching harvest season of India and the US.

Pressure also seen on prices due to on weak demand in export market and on higher supply of the crop from United States.

An USDA report had indicated last week that the US crop condition was stable.

At the Indore spot market in top producer MP, soybean dropped -34 rupee to 3359 rupee per 100 kgs.