Soyabean yesterday we have seen that market has moved -0.35% on profit booking after prices gained as low supplies are provided support to the prices. Output of India's soybean in 2011-12 season recorded 12.28 million tons. The output is down from 2010-11 season of 12.73 mn tn. Soy meal exports fell to 10,005 tn in August, from 165,610 tn a year ago. Export of soybean from Brazil declined to 2.4 mn tn in the month of August from 4.13 mn tn in July. As per the latest weekly crop release from United States Department of Agriculture (USDA ), U.S. ninety-one percent of soybeans were setting pods, slightly behind last year at 93 percent and the 5-year average of 96 percent. The condition of the soybean crop improved slightly to 37 percent very poor, 33 percent poor, 23 percent fair, 6 percent good, and 1 percent excellent. Arrivals of soyabean in Madhya Pradesh state dropped by 1000 bags of 100kg each to 6000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 500 bags of 100kg each to 2000 bags of 100kg each. At the Indore spot market in top producer MP, soybean gained 43 Rs to 4497Re per 100 kgs. The total volume for the day was at 67570 lots and the open interest was at 55460.Support for soyabean is at 3763 below that could see a test of 3733. Resistance is now seen at 3833 above that could see a resistance of 3873.

Trading Ideas:

Soybean trading range for the day is 3733-3873.

Soyabean dropped on profit booking after prices gained as low supplies are provided support to the prices.

Output of India's soybean in 2011-12 season recorded 12.28 million tons.

Arrivals of soyabean in Madhya Pradesh state dropped by 1000 bags of 100kg each to 6000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean gained 43 Rs to 4497Re 100 kgs.