Soyabean on NCDEX settled down by -0.35% at 3174 on profit booking after prices gained on concerns over excessive rains hitting Argentina's soybean crop. However, an increase of 60 percent in production is estimated in the 2016-17 season compared to previous year in the country owing to normal monsoon and higher acreage, capping some gains in soyabean prices. The United States department of agriculture (USDA) trimmed 2016-17 United States soybean production forecast for January also cut forecast for ending stockpiles compared to previous month, the department said in its World Agriculture Supply and Demand Estimates report. The USDA expects soybean output in US, the world's biggest bean grower, at 117.2 million tons in January compared to 118.7 million tons in the previous month while higher than 106.9 million tons a year ago. USDA also expects 2016-17 US soybean ending stockpiles to fall to 420 million bushels in January compared to 480 million tons in the previous month while higher than 197 million bushels estimated in the same period a year ago. Soybean production forecast for Brazil, the world's second biggest soybean producer, estimated to rise to 104 million tons in January compared to 102 million tons in December and 96.5 million tons in January 2015-16, the USDA said. Bean output estimation for Argentina, world's third biggest soybean producer, was maintained at 57 million bushels on month while higher than forecast of 56.8 million tons in previous year. At the Indore spot market in top producer MP, soybean gained 15 rupee to 3146 rupee per 100 kgs.Technically now Soyabean is getting support at 3152 and below same could see a test of 3131 level, And resistance is now likely to be seen at 3204, a move above could see prices testing 3235.

Trading Ideas:

Soyabean trading range for the day is 3131-3235.

Soyabean prices dropped on profit booking after prices gained on concerns over excessive rains hitting Argentina's soybean crop.

However, an increase of 60 percent in production is estimated in the 2016-17 season compared to previous year.

NCDEX accredited warehouses soyabean stocks gained by 1938 tonnes to 160185 tonnes.

At the Indore spot market in top producer MP, soybean gained 15 rupee to 3146 rupee per 100 kgs.