Soyabean on NCDEX settled down -0.47% at 3168 on expectation of higher supply in global market. However, sharp fall in the bean prices was cushioned by strong demand for Indian soymeal in export market. According to market source India has received export orders of around 250,000-300,000 tons of soymeal as disparity of India soymeal to Argentina soymeal is around $1 which has tempted International buyers to buy soymeal from India. United States Department of Agriculture (USDA) is likely to hike is soybean crush forecast for October month by 27% as compared to previous month. In October soybean crush may rise to 5.262 million tons or 175.4 million bushels as compared to 4.148 million tons and 138.3 million bushels reported in September. The Brazilian soybean planting is approximately 75% complete which is about average for this time of the year. Many of the big producing states have nearly completed the 2016/17 soybean planting. In Mato Grosso the soybeans are 97.6% planted and the crop is rated generally good to excellent. In Parana the plating is 95% complete with 98% of the crop rated in good condition. In its revised crop projection for kharif 2016, the SOPA has put India’s soyabean crop at 114.9 lakh tonnes (lt) — about 5 per cent higher than the initial crop estimate of 108.8 lt. The increase in output is attributed to lower damage and better yield mainly in Madhya Pradesh and Maharashtra. Technically market is under fresh selling as market has witnessed gain in open interest by 3.39% to settled at 84070 while prices down -15 rupee, now Soyabean is getting support at 3151 and below same could see a test of 3133 level, And resistance is now likely to be seen at 3189, a move above could see prices testing 3209.

Trading Ideas:

Soyabean trading range for the day is 3133-3209.

Soyabean prices ended with losses on expectation of higher supply in global market.

However, sharp fall in the bean prices was cushioned by strong demand for Indian soymeal in export market.

According to market source India has received export orders of around 250,000-300,000 tons of soymeal.

At the Indore spot market in top producer MP, soybean gained 19 rupee to 3131 rupee per 100 kgs.