Soyabean yesterday we have seen that market has moved 0.64% on some buying support tracking firm overseas and spot market demand. Moreover, strong global supplies also added some selling in soyabean market. As per the latest monthly report release by United States Department of Agriculture (USDA), global soybean production is projected at 269.41 million tonnes in Jan 2012-13, up 1.70 million from previous month. The higher gains in the United States and Brazil only partly offset by a lower projection for Argentina. Arrivals of soyabean in Madhya Pradesh state dropped by -140000 bags of 100kg each to 10000 bags of 100kg each. Arrivals of soyabean in Maharashtra state dropped by -35000 bags of 100kg each to 45000 bags of 100kg each. Arrivals of soyabean in Rajasthan state dropped by -10000 bags of 100kg each to 20000 bags of 100kg each. As per the latest release from Solvent Extractors' Association of India, India's total soyameal exports during the April-December 2012 have been reported at 29.11 lakh tonnes, down 26.02% from the last year in the same period. At the Indore spot market in top producer MP, soybean gained 23 Rs to 3210Re per 100 kgs. Market has opened at 3160 & made a low of 3160 versus the day high of 3186. The total volume for the day was at 71760 lots and the open interest was at 177080.Support for soyabean is at 3155 below that could see a test of 3145. Resistance is now seen at 3181 above that could see a resistance of 3197.

Trading Ideas:

Soybean trading range for the day is 3145-3197.

Soyabean prices ended with gains on some buying support tracking firm overseas and spot market demand.

Moreover, strong global supplies also added some selling in soyabean market.

NCDEX accredited warehouses soyabean stocks dropped by 1209 tonnes to 52919 tonnes.

At the Indore spot market in top producer MP, soybean gained 23 Rs to 3210Re 100 kgs.