Soyabean on NCDEX settled down by -0.69% at 2880 due to weak demand against ample supplies in the domestic markets. Further, lower soyabean prices in international markets with expectations of silo-bursting Brazilian supplies too added pressure on domestic prices. Though, increase in exports of soybean meal capped some losses. The reports from SOPA stated that, soymeal exports rose over sevenfold to 207,977 tonnes in February 2017, compared to 29,951 tonnes in February 2016 showing 7-fould increase in exports. 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 8 Rupees to 2988 Rupees per 100 kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 7.08% to settled at 176550 while prices down -20 rupees, now Soyabean is getting support at 2866 and below same could see a test of 2851 level, And resistance is now likely to be seen at 2902, a move above could see prices testing 2923.

Trading Ideas:

Soyabean trading range for the day is 2851-2923.

Soyabean ended with losses due to weak demand against ample supplies in the domestic markets.

Further, lower soyabean prices in international markets with expectations of silo-bursting Brazilian supplies too added pressure.

NCDEX accredited warehouses soyabean stocks dropped by 1971 tonnes to 216192 tonnes.

At the Indore spot market in top producer MP, soybean gained 8 Rupees to 2988 Rupees per 100 kgs.