Soyabean on NCDEX settled down by -0.71% at 3068 on expectation of higher supply from global market. SOPA showed that soymeal exports during Oct-Dec are estimated at 370,000 tons as against 108,000 tons during corresponding period last season. Market participants are anticipating exports of around 300,000-350,000 tons in the month of January as well. World soybean output is expected to rise to 334.2 million tons compared to 315.7 million tons estimated for 2015-16 period, IGC said in its grain market report. Heavy rains in Brazil’s top producing state of Mato Grosso have hampered the harvesting and raised the quality concern for the developing soybean crop. Imea farmers institute said, soybean harvesting in Mato Grosso, where the harvesting first started, was 11.9% complete by last week, extended 6% more than previous week. The Imea was expecting it to be 15% by now. Further, despite early planting, Brazil’s total soybean harvesting could reach only 2%. AgRural consultancy estimated that the 201617 Brazil soybean crop harvest reached 2.2% of the area up compared with 1.5% harvest in the same period last year and 1.2% in the five-year average. The United States department of agriculture (USDA) trimmed 2016-17 United States soybean production forecast for January also cut forecast for ending stockpiles compared to previous month, the department said in its World Agriculture Supply and Demand Estimates report. At the Indore spot market in top producer MP, soybean dropped -19 Rupees to 3062 Rupees per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -4.54% to settled at 145010 while prices down -22 rupees, now Soyabean is getting support at 3055 and below same could see a test of 3043 level, And resistance is now likely to be seen at 3082, a move above could see prices testing 3097.

Trading Ideas

# Soyabean trading range for the day is 3043-3097.

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

# SOPA showed that soymeal exports during Oct-Dec are estimated at 370,000 tons as against 108,000 tons.

# NCDEX accredited warehouses soyabean stocks gained by 2627 tonnes to 170750 tonnes.

# At the Indore spot market in top producer MP, soybean dropped -19 Rupees to 3062 Rupees per 100 kgs.