Soyabean yesterday we have seen that market has moved 0.28% on firm buying by the crushers, thin arrivals along with high soymeal exports. Below normal rains in India and persistent dry weather in US which is leading to concerns over next years soy crop output also supported the soybean prices. Due to erratic rains, soybean sowing in Madhya Pradesh has so far been unsatisfactory. According to the State Agriculture Department, up to July 6, 13.58 lakh hectares were sown against 23 lakh hectares up to the same period last year, primary reason for the rise in prices this year. In India, 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. According to the weekly US crop progress report, 40% of the Soybean crop is in good to excellent condition compared with 45% a week ago and 66% a year ago period. According to the agriculture meteorologist, Cooler weather is expected in the U.S. Midwest corn and soybean growing region but the moderate temperatures, accompanied by some rainfall in the south, will arrive too late to save some of the already damaged crops. At the Indore spot market in top producer MP, soybean gained 13 Rs to 4265Re per 100 kgs. Market has opened at 4341 & made a low of 4293 versus the day high of 4370. The total volume for the day was at 216760 lots and the open interest was at 90550.Support for soyabean is at 4305 below that could see a test of 4261. Resistance is now seen at 4382 above that could see a resistance of 4415.

Trading Ideas:

Soybean trading range for the day is 4261-4415.

Soybean ended with slight gains on firm buying by the crushers, thin arrivals along with high soymeal exports.

Due to erratic rains, soybean sowing in Madhya Pradesh has so far been unsatisfactory.

NCDEX accredited warehouses soyabean stocks gained by 335 tonnes to 9018 tonnes.

At the Indore spot market in top producer MP, soybean gained 13 Rs to 4265Re 100 kgs.