Soyabean yesterday we have seen that market has moved -4% on selling pressure on the back of higher production estimates in domestic as well as international markets. As per the latest crop estimates by Soybean Processors Association of India ( SOPA ) , the domestic soybean production for the year 2012 is projected at 126.76 lakh tonnes , up 11.76 lakh tonnes from the last year . This is mainly due to strong sowing acreage along with better yield. In Brazil planting has started 10 days earlier amid good rains. If rains continue in the coming weeks as forecast, Brazil could churn out 81 million tonnes of oilseed and replace the drought-stricken US as the world's top soybean producer, according to the USDA. Arrivals of soyabean in Madhya Pradesh state gained by 1 lakh bags of 100kg each to 3 lakh bags of 100kg each. Arrivals of soyabean in Maharashtra state gained by 30000 bags of 100kg each to 100000 bags of 100kg each. Arrivals of soyabean in Rajasthan state gained by 20000 bags of 100kg each to 75000 bags of 100kg each. At the Indore spot market in top producer MP, soybean dropped -228 Rs to 2858Re per 100 kgs. Market has opened at 3025 & made a low of 2952 versus the day high of 3025. The total volume for the day was at 193080 lots and the open interest was at 144990. Support for soyabean is at 2928 below that could see a test of 2903. Resistance is now seen at 3001 above that could see a resistance of 3049.

Trading Ideas:

Soybean trading range for the day is 2903-3049.

Soybean fell on selling pressure on the back of higher production estimates in domestic as well as international markets.

The domestic soybean production for the year 2012 is projected at 126.76 lakh tonnes

Arrivals of soyabean in Madhya Pradesh state gained by 1 lakh bags of 100kg each to 3 lakh bags of 100kg each.

At the Indore spot market in top producer MP, soybean dropped -228 Rs to 2858Re 100 kgs.