Soyabean yesterday we have seen that market has moved -1.66% as a fall in world prices triggered profit-taking, while a rally in spot prices moderated demand. As per WASDE (USDA), global oilseed production for 2011/12 is projected at 440.6 million tons, down 5.2 million from last month. Brazil soybean production is forecast at 66 million tons, down 2.5 million from last month as warm temperatures. Global soybean ending stocks are projected at 55.5 million tonnes, down 1.8 million from last month, and down 13.6 million tonnes from last year. Prices have increased beyond expectations and the rise has been extraordinary during recent past. Demand in the physical market remains good to support the prices. However in futures market, to control the excessive speculation, several initiative have been taken. In this series, exchange did not to launch contract of Soybean September. Since, September is month where stocks are very less or almost nil, there are possibilities of more price volatility during this period. At the Indore spot market in top producer MP, soybean dropped -2 Rs to 3250Re per 100 kgs. Market has opened at 3270 & made a low of 3232 versus the day high of 3284. The total volume for the day was at 132280 lots and the open interest was at 151110.Support for soyabean is at 3215 below that could see a test of 3198. Resistance is now seen at 3267 above that could see a resistance of 3302.

Trading Ideas:

Soybean trading range for the day is 3198-3302.

Soybean ended weak as a fall in world prices triggered profit-taking, while rally in spot prices moderated demand.

Global soybean ending stocks are projected at 55.5 million tonnes, down 1.8 million from last month

NCDEX accredited warehouses soyabean stocks gained by 358 tonnes to 73574 tonnes.

At the Indore spot market in top producer MP, soybean dropped -2 Rs to 3250Re 100 kgs.