Soyabean yesterday we have seen that market has moved 1.44% on short covering after prices dropped on higher acreage amid higher production concerns due to good rains in the producing regions. Soybean exports of 414,300 metric tonnes were down 23 percent from the previous week and 16 percent from the prior 4-week average. The primary destinations were China, Indonesia), Taiwan), Mexico and Thailand. Soybean exports were off 8 percent in the recently-ended marketing year from the previous market year. As per latest release from China's General Administration of Customs, the total August soyabean imports in China declined by 4.20% from the same month in last year to 4.42 lakh metric tonnes. While the total imports during January to August reported at 39.52 million tonnes, up 17.4% from the last year in the same month. Arrivals of soyabean in Madhya Pradesh state dropped by -1000 bags of 100kg each to 7000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -1000 bags of 100kg each to 3000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -500 bags of 100kg each to 1500 bags of 100kg each. At the Indore spot market in top producer MP, soybean dropped -20 Rs to 4476Re per 100 kgs. Market has opened at 3730 & made a low of 3691 versus the day high of 3813. The total volume for the day was at 103280 lots and the open interest was at 61620.Support for soyabean is at 3725 below that could see a test of 3647. Resistance is now seen at 3847 above that could see a resistance of 3891.

Trading Ideas:

Soybean trading range for the day is 3647-3891.

Soyabean ended higher on short covering after prices dropped on higher acreage

Total August soyabean imports in China declined by 4.20% from same month in last year to 4.42 lakh metric tonnes

Arrivals of soyabean in Madhya Pradesh state dropped by -1000 bags of 100kg each to 7000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped -20 Rs to 4476Re 100 kgs.