Soyabean yesterday we have seen that market has moved -0.28% due to profit booking after prices gained due to tight supplies on production cut in Argentina and Brazil, while prices are likely to drop in 2012-13 on higher production. As per latest release from Ministry of Commerce, China's May soybean imports are likely to reach 7.23 million metric tonnes. This is almost 28% higher than the previous estimates of 5.63 million tonnes. In Argentina 90% soybean crop is harvested. Buines Aires Exchange now see Soybean crop below 400 LT. Fundamentally, the good soybean sowing progress in US is giving bearish signal to the market. In India, monsoon is likely to hit Indian southern State Kerala very soon. This is a good news for Indian agriculture. If timely arrival is seen, the India too will witness an increased sown area under soybean crop this year as farmers have got lucrative prices this year. USDA in its latest report mentioned that world soybean production for the year 2012-13 is likely to increase by 15 % as compared to year 2011-12. However the year will start will very less beginning stocks which are less by 24% for year 2012-13. At the Indore spot market in top producer MP, soybean gained 19 Rs to 3385Re per 100 kgs. Market has opened at 3299 & made a low of 3254.5 versus the day high of 3303. The total volume for the day was at 39750 lots and the open interest was at 77910.Support for soyabean is at 3241 below that could see a test of 3224. Resistance is now seen at 3290 above that could see a resistance of 3321.

Trading Ideas:

Soybean trading range for the day is 3224-3322.

Soyabean dropped due to profit booking after prices gained due to tight supplies on production cut in Argentina and Brazil

China's May soybean imports are likely to reach 7.23 million metric tonnes.

NCDEX accredited warehouses soyabean stocks dropped by 752 tonnes to 46693 tonnes.

At the Indore spot market in top producer MP, soybean gained 19 Rs to 3385Re 100 kgs.