Soyabean yesterday we have seen that market has moved -1.08% due to strong production estimates in the current year along with fresh supplies in major mandies.

The latest first kharif advance estimates by government dragged the futures prices to lower levels in the last trading.

The latest government data estimated the total Soyabean Kharif 2012 crop at 126.2 lakh tonnes, up 3.44 lakh tonnes from the final estimates of 2011-12. Moreover, the total daily arrivals of new soyabean in the mandies of Maharashtra such as Sholapur, Latur and Akola might also add selling pressure in domestic market.

The total arrivals of around 28000-30000 bags were reported in the last trading with the price range of Rs 3100-3400 per quintal , down almost Rs 50 per quintal. Arrivals of soyabean in Madhya Pradesh state gained by 40000 bags of 100kg each to 70000 bags of 100kg each.

Arrivals of soyabean in Maharashtra state gained by 3000 bags of 100kg each to 10000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 2000 bags of 100kg each to 4000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped -81 Rs to 3344Re per 100 kgs. Market has opened at 3272 & made a low of 3220 versus the day high of 3297.

The total volume for the day was at 74600 lots and the open interest was at 33530.Support for soyabean is at 3224 below that could see a test of 3184. Resistance is now seen at 3301 above that could see a resistance of 3338.

Trading Ideas:

Soybean trading range for the day is 3184-3338.

Soyabean ended lower due to strong production estimates in the current year along with fresh supplies in major mandies.

The latest government data estimated the total Soyabean Kharif 2012 crop at 126.2 lakh tonnes

Arrivals of soyabean in Madhya Pradesh state gained by 40000 bags of 100kg each to 70000 bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped -81 Rs to 3344Re 100 kgs.