Soyabean prices gained tracking firmness in spot demand on limited supply in local mandis. Prices also seen supported supported by lower arrivals as farmers are reluctant to sell crop below Rs 2,800 per quintal in the local mandis. The supplies have been decreased drastically this week compared to previous week. As per data, arrivals of soybean during 27-31 Mar were about 24,979 tonnes Vs 80,092 tonnes during previous week. The mills have procured large volumes of soybean earlier in the season lower levels which helps in more competitive prices of meals for record exports. The market may get support at lower levels from news of Govt to allow export of edible oils including soya oil. In coming days demand of broiler chicken is likely to remain low as enduser generally consumes less chicken during summer season. If chicken price declines then profit margin of poultry farmers will squeeze which may reduce the demand for soymeal in coming days. The USDA reported larger-than-expected U.S. planting intentions of 89.5 million acres and higher soybean stocks as on March. The US Department of Agriculture's Beijing arm has maintained its forecast for soybean imports by China at record 89 mln tn in 2017-18 (May-Apr) due to rising demand in domestic markets. Technically market is under fresh buying as market has witnessed gain in open interest by 7.75% to settled at 93150 while prices up 20 rupees, now Soyabean is getting support at 2935 and below same could see a test of 2909 level, And resistance is now likely to be seen at 2977, a move above could see prices testing 2993.

Trading Ideas:

# Soyabean trading range for the day is 2909-2993.

# Soyabean prices gained tracking firmness in spot demand on limited supply in local mandis.

# Prices also seen supported supported by lower arrivals as farmers are reluctant to sell crop below Rs 2,800 per quintal in local mandis.

# NCDEX accredited warehouses soyabean stocks dropped by 1015 tonnes to 191823 tonnes.

# At the Indore spot market in top producer MP, soybean dropped -12 Rupees to 3002 Rupees per 100 kgs.