Soyabean yesterday we have seen that market has moved -0.67% on profit booking by the traders on subdued spot demand amid poor Soymeal exports. Better export demand of domestic soy meal coupled with lower stock of soybean limited the downside. The export of oil meals during April 2012 has declined by 22% to 400,427 tons as compared to 513,221 tons in April 2011, according to data released by the Solvent Extractors' Association of India. As per Weekly Crop Update by United States Department of Agriculture (USDA), By May 13, forty-six percent of the soybeans were planted, 29 percentage points ahead of last year and 22 points ahead of the 5-year average. Nearly ideal weather conditions promoted double-digit progress in all estimating states except North Carolina, where a large portion of the soybean crop is grown following the winter wheat harvest. Nationally, emergence advanced 9 percentage points during the week to 16 percent complete by week's end. This was 13 percentage points ahead of last year and 11 percentage points ahead of the 5-year average. At the Indore spot market in top producer MP, soybean gained 10 Rs to 3403Re per 100 kgs. Market has opened at 3405 & made a low of 3368 versus the day high of 3439. The total volume for the day was at 95030 lots and the open interest was at
109990. Support for soyabean is at 3368 below that could see a test of 3333. Resistance is now seen at 3439 above that could see a resistance of 3475.

Trading Ideas:

Soybean trading range for the day is 3336-3478.

Soybean ended lower due to profit booking after prices gained along with thin supply.

Better export demand of domestic soy meal coupled with lower stock of soybean limited the downside

NCDEX accredited warehouses soyabean stocks dropped by 1952 tonnes to 68976 tonnes.

At the Indore spot market in top producer MP, soybean gained 10 Rs to 3403Re 100 kgs.