Soyabean dropped on expectation of bumper crop output in domestic and international market and weak demand for meal. Bean prices were down on oversupply woes along with weak demand of soymeal the byproduct. Prices of the bean were down after the Indian government in the second advance estimate for 2016-17 report hike bean output forecast. Agriculture Department in its second advance estimates for 2016-17 pegged soybean crop at 14.125 million tons as compared to 8.570 million tons a year ago. The country has harvested record 14.666 million tons in 2012-13. US soybean crushers crushed higher than the market expectations in January, third highest January crush on record, said National Oilseed Processors Association. NOPA reported that its members have processed 160.621 million bushels during January, up from 150.453 million bushels during the corresponding period last year and also up from 160.176 million bushels in December 2016. US soy meal shipments stood at 891,143 tons up from 686,493 tons during the corresponding period last year but down from 949615 tons in December 2016. The US soyoil inventories of January 31 surged to 1.629 billion Ibs from 1.582 billion Ibs in January 2016 and also from from 1.434 billion Ibs at the end of December. European Union soybean imports in the 2016/17 season had reached 8.2 million tonnes by Feb. 14, down 4 percent from 8.6 million at the same point last season, official data showed. Technically market is under long liquidation as market has witnessed remain unchanged in open interest by 0% to settled at 198090 while prices down -2 rupees, now Soyabean is getting support at 2871 and below same could see a test of 2846 level, And resistance is now likely to be seen at 2912, a move above could see prices testing 2928.

Trading Ideas:

# Soyabean trading range for the day is 2846-2928.

# Soyabean dropped on expectation of bumper crop output in domestic and international market and weak demand for meal.

# Indian government in the second advance estimate for 2016-17 report hike bean output forecast.

# NCDEX accredited warehouses soyabean stocks gained by 754 tonnes to 211760 tonnes.

# At the Indore spot market in top producer MP, soybean dropped -2 Rupees to 2959 Rupees per 100 kgs.