Soyabean yesterday settled down -0.93% at 3134 tracking weakness in spot demand amid cautious buying. Buyers are not totally confident as they see smooth supplies ahead. This year soybean has witnessed early sowing and crop prospects are bright. Farmers have mostly sold their produce and now whatever stock is available is with those who have holding capacity. Arrivals of soyabean in Madhya Pradesh state dropped by 30000 bags of 100kg each to 70000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -5000 bags of 100kg each to 15000 bags of 100kg each. Supplies have risen in the spot market. Farmers are bringing last year's stock, which they were holding for nearly 8 months. Stockists are also offloading stocks. Indian farmers have cultivated soybeans on 4.29 million hectares as on June 28, compared with 0.63 million hectares a year ago. Higher than expected monsoon rains in June have raised India's hopes of a higher soybean crop. India's soybean crop is depend upon monsoon rains. Persisting good rains are expected to boost India's soybean production this year there by pressuring the commodity movement to certain extent. At the Indore spot market in top producer MP, soybean dropped -26 rupee to 3720 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -3.16% to settled at 19940 while prices down -29.5 rupee, now Soyabean is getting support at 3115 and below same could see a test of 3096 level, And resistance is now likely to be seen at 3164, a move above could see prices testing 3194.

Trading Ideas:

Soyabean trading range for the day is 3096-3196.

Soybean prices ended down tracking weakness in spot demand amid cautious buying.

Buyers are not totally confident as they see smooth supplies ahead.

NCDEX accredited warehouses soyabean stocks gained by 30 tonnes to 21760 tonnes.

At the Indore spot market in top producer MP, soybean dropped -26 rupee to 3720 rupee per 100 kgs.