Soyabean yesterday we have seen that market has moved 0.5% on the back of lower sowing due to delayed monsoon amid firm spot demand. As per latest release from General Administration of Customs, China's soybean imports in June totaled 5.62 million tonnes, up 31% from a year earlier. In the domestic markets, Oilseeds have been sown in 26.55 lakh hectares so far, compared with 37.35 lakh hectares same period last year. Soybean sowing is down by 25.5% compared to last year. According to the Solvent Extractors' Association of India, Soymeal exports rose to 180,987 tonnes in June from 117,600 tonnes a year ago which supported the prices in the spot markets. According to the weekly US crop progress report, Soybean crop is 45% of the crop is in good to excellent condition compared with 53% a week ago and 66% a year ago period. US Output concerns have overshadowed the impact of higher acreage. Traders look for crop conditions for last day night's update to show good to excellent ratings drop to just 40% from 45% last week for the soybean crop and this compares with 66% last year and 64% as the 10-year average. Weekly export inspections came in at 18.9 million bushels as compared with 13.89 million last week and 12 million necessary each week to reach the USDA projection for the year. At the Indore spot market in top producer MP, soybean gained 41 Rs to 4252Re per 100 kgs. Market has opened at 4310 & made a low of 4285.5 versus the day high of 4362.5. The total volume for the day was at 221910 lots and the open interest was at 91390. Support for soyabean is at 4296 below that could see a test of 4252. Resistance is now seen at 4373 above that could see a resistance of 4406.

Trading Ideas:

Soybean trading range for the day is 4252-4406.

Soybean closed higher on the back of lower sowing due to delayed monsoon amid firm spot demand

China's soybean imports in June totaled 5.62 million tonnes, up 31% from a year earlier

NCDEX accredited warehouses soyabean stocks dropped by 1120 tonnes to 8683 tonnes.

At the Indore spot market in top producer MP, soybean gained 41 Rs to 4252Re 100 kgs.