Soyabean on NCDEX settled up by 0.1% at 2883 after prices seen supported amid firm spot demand due to increase in exports of soybean meal. The reports from SOPA stated that, the export of soybean meal and its other value added products during February 2017 is pegged at 2,07,977 tonnes compared to 29,951 tonnes in February 2016 showing an increase of 594.40 per cent over the same period of last year. Though, lower prices in international markets following expectations of ample South American production, limiting some gains in soyabean prices. 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. At the Indore spot market in top producer MP, soybean gained 15 Rupees to 3003 Rupees per 100 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 4.34% to settled at 184210 while prices up 3 rupees, now Soyabean is getting support at 2858 and below same could see a test of 2834 level, And resistance is now likely to be seen at 2913, a move above could see prices testing 2944.

Trading Ideas:

Soyabean trading range for the day is 2834-2944.

Soyabean gained as prices seen supported amid firm spot demand due to increase in exports of soybean meal.

The reports from SOPA stated that, the export of soybean meal and its other value added products during February 2017 is pegged at 2,07,977 tonnes.

NCDEX accredited warehouses soyabean stocks dropped by 1710 tonnes to 214482 tonnes.

At the Indore spot market in top producer MP, soybean gained 15 Rupees to 3003 Rupees per 100 kgs.