Soyabean on NCDEX settled up by 0.97% at 3007 on increasing domestic as well as exports demand in the spot market. Though, some gains were capped as the production is expected to be higher this year. As per the data compiled by the Soybean Processors Association of India (SOPA), the soy meal exports is expected to increase in 2016-17 (October-September) to 1.8 mt from 1.0 mt projected earlier. Agriculture department in second advance estimates pegged 2016-17 soybean crops at 14.125 million tons as compared to 8.570 million tons reported in the previous year. US soybean crushers crushed higher than the market expectations in January, third highest January crush on record, said National Oilseed Processors Association. NOPA reported that its members have processed 160.621 million bushels during January, up from 150.453 million bushels during the corresponding period last year and also up from 160.176 million bushels in December 2016. US soy meal shipments stood at 891,143 tons up from 686,493 tons during the corresponding period last year but down from 949615 tons in December 2016. The US soyoil inventories of January 31 surged to 1.629 billion Ibs from 1.582 billion Ibs in January 2016 and also from from 1.434 billion Ibs at the end of December. European Union soybean imports in the 2016/17 season had reached 8.2 million tonnes by Feb. 14, down 4 percent from 8.6 million at the same point last season, official data showed. At the Indore spot market in top producer MP, soybean gained 15 Rupees to 3017 Rupees per 100 kgs. Technically now Soyabean is getting support at 2983 and below same could see a test of 2959 level, And resistance is now likely to be seen at 3028, a move above could see prices testing 3049.

Trading Ideas:

# Soyabean trading range for the day is 2959-3049.

# Soyabean prices gained on increasing domestic as well as exports demand in the spot market.

# Though, some gains were capped as the production is expected to be higher this year.

# NCDEX accredited warehouses soyabean stocks gained by 885 tonnes to 215902 tonnes.

# At the Indore spot market in top producer MP, soybean gained 15 Rupees to 3017 Rupees per 100 kgs.