Soyabean yesterday traded with the positive node and settled 2.06% up at 3882 in the line of expectation and support seen purely from dry weather in key soyabean growing areas in the country as well as in the US, raising concerns over global oilseed supplies after output fell in Latin America. Support seen after the news that China is likely to import 57.9 million tonnes of soyabean in the October 2011/September 2012 season, up 5.6 million tonnes on the year as its demand for oilseeds continues to grow. Soyabean prices in the Nagpur Agriculture Produce and Marketing Committee zoomed up on increased demand from local crushing plants amid tight supply from producing regions. Sharp hike in soymeal, higher prices in Madhya Pradesh soyabean mandi and good demand from South-based crushing plants also helped to push up prices. About 1,500 bags reported for auction in major soyabean mandis in Vidarbha, according to sources. MSP of Soybean for 2012-13 is declared at Rs. 2240 per quintal which is 33% higher than the previous year’s MSP. As per the latest USDA report, the soybean production in US, Brazil, Argentina and India is likely to remain up during 2012-13 as compared to 2011-12. In yesterday's trading session Soyabean has touched the low of 3751 after opening at 3799, and finally settled at 3882. For today's session market is looking to take support at 3794, a break below could see a test of 3706 and whereas resistance is now likely to be seen at 3927, a move above could see prices testing 3971.

SOYABEAN

Soybean trading range for the day is 3702-3966.

Soyabean jumped almost +2.06% as support from dry weather in key soyabean growing areas.

US, raising concerns over global oilseed supplies after output fell in Latin America.

China is likely to import 57.9mt of soyabeans as its demand for oilseeds continues to grow

At the Indore spot market in top producer MP, soybean dropped -8 Rs to 3796Re 100 kgs.

BUY SOYABEAN JULY @ 3840 SL 3810 TGT 3870-3900.NCDEX