Soyabean on NCDEX settled down -3.01% at 3124 as soyabean production in Madhya Pradesh is expected to be over 60 per cent than previous year. SOPA has estimated soybean production in the state at 55.863 lakh tones as against 34.125 lakh tonne a year ago. The estimated growth in the output is expected due to improvement in yields from 608 kg per hectare a year ago to 1,034 kg per hectare this season, the statement from SOPA showed. After Madhya Pradesh, excess rainfall in Maharashtra is playing havoc for soybean crop. Certain regions of Maharashtra especially Marathwada, which have been big producer of soybean are facing flood like situation. In Marathwada district of Maharashtra soybean crop has suffered due to moisture stress as during the flowering stage, for about 20-25 days there was no rainfall. This has affected productivity adversely. For entire Maharashtra, the area under soybean cultivation has been reduced by 10% from the figure given by the government to offset the area of intercropping. In Rajasthan, area under soybean cultivation has been reduced by 10% from the figure reported by the government because substantial area was seen converted to black gram, moong, maize etc. as compared to last year. Due to continuous rains after sowing, farmers could not spray the weedicide in the field, which has adversely affected the production, SOPA said. Technically market is under fresh selling as market has witnessed gain in open interest by 7.02% to settled at 117650 while prices down -97 rupee, now Soyabean is getting support at 3090 and below same could see a test of 3056 level, And resistance is now likely to be seen at 3184, a move above could see prices testing 3244.

Trading Ideas:

Soyabean trading range for the day is 3056-3244.

Soyabean prices ended with losses as soyabean production in Madhya Pradesh is expected to be over 60 per cent than previous year.

SOPA has estimated soybean production in the state at 55.863 lakh tones as against 34.125 lakh tonne a year ago.

The estimated growth in the output is expected due to improvement in yields from 608 kg per hectare a year ago.

At the Indore spot market in top producer MP, soybean dropped -95 rupee to 3134 rupee per 100 kgs.