Soyabean yesterday we have seen that market has moved -1.36% due to intraday profit booking after prices gained on limited stocks in the spot markets along with rising domestic demand. Soybean supplies in India have come down and they will fall further as most of the crop has already been crushed. Soybean stocks have depleted as good prices for meal in the world market prompted oil millers to crush the beans aggressively earlier this year. Argentina's Agriculture Ministry lowered its estimate of the country's 2011/12 soy crop to 41.5 million tonnes, from 42.9 million previously. 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 latest release from General Administration of Customs, China's soybean imports in April totaled 4.88 million tonnes, up 26% from a year earlier. At the Indore spot market in top producer MP, soybean gained 62 Rs to 3465Re per 100 kgs. Market has opened at 3434 & made a low of 3356 versus the day high of 3477. The total volume for the day was at 195980 lots and the open interest was at 103090. Support for soyabean is at 3323 below that could see a test of 3279. Resistance is now seen at 3444 above that could see a resistance of 3521.

Trading Ideas:

Soybean trading range for the day is 3279-3521.

Soyabean moved -1.36% due to intraday profit booking after prices gained on limited stocks in the spot markets

Soybean supplies in India have come down and they will fall further as most of crop has already been crushed.

NCDEX accredited warehouses soyabean stocks dropped by 3783 tonnes to 65193 tonnes.

At the Indore spot market in top producer MP, soybean gained 62 Rs to 3465Re 100 kgs.