Soyabean on NCDEX settled down by -1.5% at 3085 amid weak buying support on oversupply woes. Domestic demand for soy meal is expected to improve going forward as with the end of festivals and onset of winter, consumption of eggs and broilers is expected to increase. Also with emergence of meal export parity demand from processors is expected to remain good. Soybean harvesting is at fag end across the major states. Dry weather has eased harvesting process during past fortnight. Soybean harvesting will continue in Marathawada region till Nov 10 due to higher moisture conditions in field and crop. As per recent survey done by Solvent Extractors Association India soybean production in 2016-17 (Jul-Jun) may rise by 58% to 10.9 million tons compared to 7.2 million tons in the same period a year ago. FCStone has raised its forecast for US 2016 soybean productivity to a record 52.8 bushels per acre from 52.5 in its October report. China's soybean imports are forecast to hit a record of 86 million tonnes in market year 2016-17, up from the estimated 82.5 million tonnes in market year 2015-16, the U. S. Department of Agriculture's (USDA) Foreign Agricultural Service (FAS) said. The soybean import growth rate, however, is expected to slow due to a forecasted recovery in domestic soybean production and China's sale of oilseed stocks and oilseed product reserves, absorbing market share for food soybeans and vegetable oils. At the Indore spot market in top producer MP, soybean dropped -77 rupee to 2990 rupee per 100 kgs. Technically, now Soyabean is getting support at 3060 and below same could see a test of 3035 level, And resistance is now likely to be seen at 3130, a move above could see prices testing 3175.

Trading Ideas:

Soyabean trading range for the day is 3035-3175.

Soyabean prices ended with losses amid weak buying support on oversupply woes.

Soybean harvesting will continue in Marathawada region till Nov 10 due to higher moisture conditions in field and crop.

NCDEX accredited warehouses soyabean stocks gained by 7523 tonnes to 37294 tonnes.

At the Indore spot market in top producer MP, soybean dropped -77 rupee to 2990 rupee per 100 kgs.