Soyabean on NCDEX settled down -0.72% at 3046 tracking weakness in spot demand on increasing arrivals in the mandis. However downside seen limited on prospects of good export demand during coming days as global soy meal prices rallied on production concerns in Argentina. Arrivals across Madhya Pradesh were around 120,000-1000,000 bags of 90 kilograms compared to 135,000 bags of 90 kilograms. Heavy rains in Brazil’s top producing state of Mato Grosso have hampered the harvesting and raised the quality concern for the developing soybean crop. Imea farmers institute said, soybean harvesting in Mato Grosso, where the harvesting first started, was 11.9% complete by last week, extended 6% more than previous week. The Imea was expecting it to be 15% by now. 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. Technically market is under fresh selling as market has witnessed gain in open interest by 0.3% to settled at 145450 while prices down -22 rupees, now Soyabean is getting support at 3032 and below same could see a test of 3017 level, And resistance is now likely to be seen at 3056, a move above could see prices testing 3065.

Trading Ideas:

Soyabean trading range for the day is 3017-3065.

Soyabean prices ended with losses tracking weakness in spot demand on increasing arrivals in the mandis.

USDA 2016-17 United States soybean production forecast for January also cut forecast for ending stockpiles compared to previous month

NCDEX accredited warehouses soyabean stocks gained by 2147 tonnes to 172897 tonnes.

At the Indore spot market in top producer MP, soybean dropped -36 Rupees to 3026 Rupees per 100 kgs.