Soyabean yesterday we have seen that market has moved -0.06%. on increased new crop arrivals. Seasonal harvesting pressure along with reports of better than expected soybean yields continued to give a negative tilt to the counter. Long term support may come from the stunning export pace for the 2012/13 marketing year but the market is focused on harvest at the moment. Arrivals of soyabean in Madhya Pradesh state gained by 15000 bags of 100kg each to 23000 bags of 100kg each. Arrivals of soyabean in Maharashtra state gained by 4000 bags of 100kg each to 8000 bags of 100kg each. USDA report showed that soybean net sales of 712,200 MT for the 2012/2013 marketing year were reported for China (237,200 MT), unknown destinations (134,400 MT), the Netherlands (65,300 MT, including 70,000 MT switched from unknown destinations and decreases of 4,700 MT), Egypt (60,000 MT), and Japan (45,800 MT, including 28,100 MT switched from unknown destinations and decreases of 1,400 MT). Net sales of 5,500 MT for delivery in 2013/2014 were reported for Japan. Exports of 272,600 MT were reported to China (119,200 MT), the Netherlands (65,300 MT), Japan (30,700 MT), Mexico (27,700 MT), and Taiwan (15,300 MT). At the Indore spot market in top producer MP, soybean dropped -57 Rs to 3997Re per 100 kgs. Market has opened at 3477 & made a low of 3437.5 versus the day high of 3548. The total volume for the day was at 65940 lots and the open interest was at 37690. Support for soyabean is at 3413 below that could see a test of 3370. Resistance is now seen at 3524 above that could see a resistance of 3591.

Trading Ideas:

Soybean trading range for the day is 3370-3592.

Soybean prices ended down on increased new crop arrivals amid weak spot demand.

Seasonal harvesting pressure along with reports of better than expected soybean yields continued to give a negative tilt

Arrivals of soyabean in Madhya Pradesh state gained by 15000 bags of 100kg each to 23000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped -57 Rs to 3997Re 100 kgs.