Soyabean yesterday we have seen that market has moved -1.16% on the heels of supplies in domestic mandies along with weak prices of soyameal. Moreover, weak trend in soyameal market also added some selling in soyabean market. The export prices of soyameal November Delivery at Kandla Port were trading at $582 per tonne, down almost $20-25 per tonne in the last one month. The lower prices of soyameal also witnessed the negative crushing margins of soyaoil processors. India is likely to produce 11.5 million tonnes of soybean in 2012/13 compared with 10.5 million tonnes a year earlier, while its rapeseed output in the current year is likely to climb nearly a quarter to 6.5 million tonnes. Seasonal harvesting pressure along with reports of better than expected soybean yields continued to give a negative tilt to the counter. Arrivals of soyabean in Madhya Pradesh state gained by 10000 bags of 100kg each to 25000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by 1000 bags of 100kg each to 6000 bags of 100kg each. At the Indore spot market in top producer MP, soybean dropped -624 Rs to 3373Re per 100 kgs. Market has opened at 3428 & made a low of 3325 versus the day high of 3441. The total volume for the day was at 78670 lots and the open interest was at 33970. Support for soyabean is at 3346 below that could see a test of 3278. Resistance is now seen at 3462 above that could see a resistance of 3510.

Trading Ideas:

Soybean trading range for the day is 3278-3510.

Soyabean ended lower on the heels of supplies in domestic mandies along with weak prices of soyameal.

Arrivals of soyabean in Madhya Pradesh state gained by 10000 bags of 100kg each to 25000 bags of 100kg each.

India is likely to produce 11.5 million tonnes of soybean in 2012/13 compared with 10.5 million tonnes a year earlier

At the Indore spot market in top producer MP, soybean dropped -624 Rs to 3373Re 100 kgs.