Soyabean yesterday we have seen that market has moved 2.36% lifted by concerns over the U. S. output due to dry weather and a delay in sowing in India in view of the poor monsoon rainfall. Weather concerns in India as well as in the U. S. are driving market to new highs. Sentiments are bullish as still there wasn't any significant improvement in rainfall in central India. Despite the delay in the sowing, farmers are still expected to plant the oilseed on higher areas than last year as cotton farmers are seen shifting to soybean due to record high price. India's soybean acreage is likely to rise by 7 percent in 2012/13 as record high prices for the oilseed prompt farmers to plant more, an industry official had said last month. As per USDA the soybean planted area for 2012 is estimated at 76.1 million acres, up 1 per cent from last year and is the third highest on record. Area for harvest, at 75.3 million acres, is up 2 per cent from 2011. At the Indore spot market in top producer MP, soybean gained 86 Rs to 4084Re per 100 kgs. Market has opened at 4078 & made a low of 4063 versus the day high of 4211. The total volume for the day was at
226290 lots and the open interest was at 98910. Support for soyabean is at 4095 below that could see a test of 4005. Resistance is now seen at 4243 above that could see a resistance of 4301.

Trading Ideas:

Soybean trading range for the day is 4005-4301.

Soyabean ended higher lifted by concerns over U. S. output due to dry weather and a delay in sowing in India

Weather concerns in India as well as in the U. S. are driving market to new highs.

Sentiments are bullish as still there wasn't any significant improvement in rainfall in central India.

At the Indore spot market in top producer MP, soybean gained 86 Rs to 4084Re 100 kgs.