Soyabean on NCDEX settled down by -0.59% at 3182 as dry weather is forecasted in the soybean growing areas of Rajasthan, Maharashtra and Madhya Pradesh, which aid the harvesting. Further, reduction in the import duty of refine and crude edible oil in the country, also added pressure on soyabean prices. China’s August’16 soybean imports are reported down by 1.5% at 7.6 million tonnes compared to 7.7 million tonnes in July’16. China’s soybean imports slowed down due to its higher state soy inventories. Anticipating a good crop this season, a six-member delegation of the industry body, Soybean Processors Association of India (SOPA), will be touring five countries next week to promote Indian soybean meal exports. During the April-August 2016 period, India’s soybean meal exports recorded a 62% decline to 63,522 tonne from 168,054 tonne in the same period last year. Brazil soybean production for 2016/17 is forecast at 101.0 million metric tons compared to 96.5 million last year. The harvested area is forecast at 33.7 million hectares, up 0.6 million hectares from last year. The month-to-month decrease of 1.9 percent in USDA’s forecast soybean production is due to price changes. The 2016/17 soybean crop is not as large as was first expected due to a shift in prices now being more favorable to corn than soybeans. Planting begins in September in the main producing states of Parana and Rio Grande do Sul in the south. At the Indore spot market in top producer MP, soybean dropped -229 rupee to 3193 rupee per 100 kgs.Technically now Soyabean is getting support at 3156 and below same could see a test of 3130 level, And resistance is now likely to be seen at 3208, a move above could see prices testing 3234.

Trading Ideas:

Soyabean trading range for the day is 3130-3234.

Soyabean dropped as dry weather is forecasted in the soybean growing areas which aid the harvesting.

Further, reduction in the import duty of refine and crude edible oil in the country, also added pressure on soyabean prices.

China’s August’16 soybean imports are reported down by 1.5% at 7.6 million tonnes compared to 7.7 million tonnes in July’16.

At the Indore spot market in top producer MP, soybean dropped -229 rupee to 3193 rupee per 100 kgs.