Soyabean yesterday settled down -3.11% at 3583.5 tracking weak domestic demand on profit-taking driven by a fall in overseas prices. Trading sentiments weakened further due to prospects of bumper production due to higher sowing in the current year. Moreover, sluggish demand of soyameal in export market also added some bearish sentiments in the soyabean market. Soybean yields are likely to drop due to heavy rainfall in India's top producing state of Madhya Pradesh. India has sold 350,000 to 400,000 tonnes of new-crop soymeal for shipment between October and December on prospects of higher soybean production and a weak rupee. Soybean cultivation took up 12.18 million hectares in India compared with 10.64 million hectares a year earlier, farm ministry data showed. Arrivals of soyabean in Madhya Pradesh state gained by 5000 bags of 100kg each to 55000 bags of 100kg each. Persisting worries over dry weather in key soybean growing areas of the United States was seen supporting soybean prices in global and domestic market to certain extent. At the Indore spot market in top producer MP, soybean gained 31 rupee to 3857 rupee per 100 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -3.43% to settled at 75820 while prices down -115 rupee, now Soyabean is getting support at 3534 and below same could see a test of 3484 level, And resistance is now likely to be seen at 3652, a move above could see prices testing 3720.

Trading Ideas:

Soyabean trading range for the day is 3479-3715.

Soyabean ended with losses tracking weak domestic demand on profit-taking driven by a fall in overseas prices.

Sentiments weakened further due to prospects of bumper production due to higher sowing in the current year.

Sluggish demand of soyameal in export market also added some bearish sentiments in the soyabean market.

At the Indore spot market in top producer MP, soybean gained 31 rupee to 3857 rupee per 100 kgs.